Speaking at a press conference held in Istanbul, Haluk Kayabaşı, CEO of Turkey-based Kibar Holding, has stated that dumped stainless steel imports threaten local production and that safeguard measures should be implemented to prevent unfair competition, as reported by Turkish media.
Pointing out that Turkey imposed only a 12 percent duty on stainless steel imports at the beginning of the current year while many countries imposed import duties of up to 58 percent on stainless steel from China, Indonesia and Taiwan, Mr. Kayabaşı stated that Turkey has become an open market for the Asian countries which cannot sell to the EU and the US. Noting that Turkey-based POSCO Assan TST, a joint venture between Kibar Holding and South Korean steel producer POSCO, can meet local Turkish demand, the Kibar Holding CEO stated that POSCO Assan has no chance of competing unless company-based antidumping duties are implemented against low-quality and dumped Asian stainless steel imports. Stating that POSCO Assan has the capacity to meet 80 percent of the local stainless steel demand, Mr. Kayabaşı said that the company’s capacity utilization has decreased to 45 percent due to dumped imports.
Noting that POSCO Assan registered a net loss of $67 million in 2023, Kayabaşı said that, if dumping of imports from Asia continue and a loss is recorded in 2024, negotiations will be held with the South Korean partners to determine whether the company will continue production.