ArcelorMittal JV to invest $500 million in Turkey
23 Oct 2007
1
Mumbai:
Global steel giant ArcelorMittal will set up a 50:50 joint venture with Turkey''s
Borusan to build a new hot strip mill in the country, involving an investment
of $500 million.
ArcelorMittal is focusing expansion on fast growing markets like Turkey - which is seen growing 5 per cent this year - Poland, Romania and Ukraine.
The new plant in Turkey is expected to be operational by the first half of 2010 and have a capacity of 4.8 million tones, the company said.
ArcelorMittal,
however, has no plans for joint initiatives with Erdemir, which Turkish group
Oyak bought in a privatisation after ditching a plan to buy it in partnership
with Arcelor, board member Michel Wurth said.
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