Turkey’s IDC receives loan of $75 million for melting shop investment

Thursday, 14 October 2021 11:26:19 (GMT+3)   |   Istanbul

Turkish rebar producer Izmir Demir Çelik Sanayi A.Ş. (IDC) has announced that it has signed a Project Financing Loan Agreement with Industrial Development Bank of Turkey, within the scope of its investment to double the capacity of its melting shop from 1,400,000 mt to 2,800,000 mt.

According to the agreement, the company will receive a $75 million loan from the bank. The loan has a duration of eight years with two years of nonrecourse.

Within the scope of the investment, In August this year, IDC signed agreements with Germany-based Badische Stahl Engineering GBMH for the installation of an electric arc furnace, with SMS Concast AG, a subsidiary of German plantmaker SMS Group for the installation of the continuous casting machine, and with China-based Avic International Hangzhou Company Ltd and Avic Endüstriyel Gaz Mühendisliği A.Ş. for the supply of the air separation plant, as SteelOrbis previously reported.

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