Turkey-based steelmaker Yükselen Çelik has announced that it will establish a company called “Rising Stahl GmbH” with an initial capital of €30,000 in Düsseldorf, Germany, to increase its presence in the global market and its exports to Europe.
The subsidiary, which will initially start its operations as a European sales office, will have rental warehouse/storage areas. Yükselen Çelik also plans to establish a steel service center or metal processing plant in the future if deemed necessary.
The establishment of Rising Stahl GmbH is expected to be completed by the end of this year and the company will start operating in the first half of 2024 at the latest.
It is anticipated that the given subsidiary will not have any significant impact on Yükselen Çelik’s sales revenues and/or financial statements in the first half of 2024 and will have a positive impact on the company’s export and transit trade activities as of the second half of 2024.
In addition, Yükselen Çelik established a subsidiary called Rising Steel Inc. in the US in the first half of 2022.