Turkish steelmaker Kardemir has announced that it has signed a 10-year credit facility agreement with Turkish bank Turkiye Garanti Bankasi for $64 million to finance its investment in its blast furnace No. 5. Repayments will not be made for the first two years of the agreement.
Kardemir's total blast furnace capacity stands at 1.8 million mt per year after recommissioning its blast furnace No. 1 in April this year. The company now aims to increase its capacity to 3 million mt per year.