Posco to construct $350M steel plant in Turkey

South Korea's Posco has announced plans to strengthen its presence in Turkey's stainless steel market and neighbouring countries by building a cold-rolled stainless steel plant. Posco, the world's third-largest steelmaker by output that it will complete the $350 million plant in Izmit, Turkey by April 2013.
Hot-rolled stainless steel, which is processed into high-end cold-rolled stainless steel, will be shipped from Posco's plant in Pohang in South Korea.

The company expects the 200,000-metric-tonne-a-year Turkish plant will be able to cope with demand from Eastern Europe, the Middle East and the Commonwealth of Independent States.