Turkey’s Izmir Demir Çelik (IDC) has initiated agreements towards a steel plant investment of $100mn. The company has entered an agreement with SMS Concast valued at €11.5mn (€13.5mn) to buy a CC machine and signed a deal worth $16.7mn with Chinese-owned Avic International Hangzhou for an air separation plant. IDC seeks to launch the project in the next two months.
The investment and assets are anticipated to be commissioned by the end of Q2 2023. The IDC melt shop produces 1.32mn mt of billet annually and expects to double production with the expansion.
In Q1 2021, IDC’s sales increased by 68pc to TRY1.92bn ($222mn) against TRY1.14bn in the prior-year quarter.
($1=TRY8.65, $1=€0.85)