Turkish steel producer Yükselen Çelik has announced that it has signed a raw material procurement agreement with the steel factory of Turkey-based Mechanical and Chemical Industry Corporation (MKEK). Planning to become a net exporter in the future, the company aims to substitute imported products and increase its export sales with the raw materials it will procure from MKEK from 2025.
The agreement is not expected to result in a notable change in Yükselen Çelik's profitability or sales revenues in 2024.
Meanwhile, since MKEK’s steel factory has increased its capacity in recent years, it plans to make supply agreements with steel service centers in the domestic market.