Chinese steelmaker Yongjin Technology Group and its partners will invest over USD 250 mln to establish a stainless steel plant in Turkey, aiming to meet local and European demand, according to media reports.
The new facility, located in the Yalova Machinery Specialized Organized Industrial Zone in northwestern Turkey, will have an annual production capacity of 400,000 tons of cold-rolled stainless steel. One production line will produce 80,000 tons of BA cold-rolled (300/400 series) stainless steel per year, while the other will manufacture 320,000 tons of 2B cold-rolled (300 series) stainless steel. Construction is expected to take 24 months.
To fund and operate the plant, Yongjin will form a joint venture with two Chinese partners, holding an 80pct stake, while the other investors will own 15pct and 5pct, respectively. The project will allow Yongjin to leverage Turkey’s strategic location and favorable trade conditions with Europe, expanding its international presence and strengthening its brand. Yongjin, a leading producer of cold-rolled stainless steel used in home appliances, vehicles, and medical equipment, operates five production bases in China, two in Vietnam, and plans to begin construction of a new plant in Thailand soon.