Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Erdemir to Start $700 Million Iron Ore Project, Hurriyet Says

Don't Miss Out —
Follow us on:

April 27 (Bloomberg) -- Eregli Demir & Celik Fabrikalari TAS, Turkey’s biggest flat steelmaker, will start a $700 million investment to develop an iron ore plant by 2016, Hurriyet reported, citing chairman Fatih Tar.

Erdemir, as the company is called, will tap new iron reserves estimated at 1 billion metric tons in the central province of Malatya, as reserves at its Sivas plant to the north of Malatya will be depleted by 2016 and 2017, Tar said, according to the Istanbul-based newspaper.

Erdemir is upgrading a furnace at a cost of $45 million, as part of annual capacity increase and modernization investments of between $300 million and $400 million, Hurriyet quoted Tar as saying. The company plans to produce 1,800 millimeter-wide steel sheets for the Turkish automotive industry, in addition to 1,525 millimeters it makes, Tar said, according to the newspaper.

Click here for web link

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.