Despite the disruptions caused by the Covid-19 outbreak worldwide, there is no backward deviation from our plans for 2020, Süleyman Savaş Erdem, general manager of Turkey-based holding company OYAK, in a statement. OYAK, explaining its next four-year investment plan, said it aims to produce the products for which Turkey is dependent on foreign countries and enable the export of the products.
OYAK, operating in 23 countries with more than 100 group companies in mining metallurgy, cement, paper, automotive logistics, finance, services, chemicals, energy, agriculture and the livestock sector, will build the Hekimhan enrichment and pelletizing plant in Hekimhan in Malatya, which will cover 3 million mt of Turkey’s 6.2 million mt of pellet needs, with an investment of $750 million. The plant, which is planned to be completed within 55 months, is expected to reduce Turkey’s external dependence by $350 million annually. The investment will take place in partnership with Japan-based JFE Steel.
In addition to its decision to invest $1.4 billion in its mining and metallurgy operations in 2019, the company started operations at its galvanizing line and R&D center. OYAK also became the owner of a majority stake in Finland-based armor steel producer Miilux OY in 2019. The company has stated that it decided to establish plants in Turkey, besides its plants in Finland and Poland. According to the company’s statement, with the plant that will be built to meet the need for 17,000-20,000 mt of armor steel in Turkey, imports of armor steel will be reduced to zero.
“In the coming period, we will continue our investments both in our current fields of operation and in new areas in which we will take steps. We will continue to work towards increasing foreign capital inflows to our country and strengthening domestic production,” Mr. Erdem stated.