Turkish steel producer Kocaer Steel (Kocaer Çelik) has decided to establish a new company in the United States to carry out manufacturing, trading and marketing activities. This was reported by SteelRadar.

This move is part of the company’s efforts to strengthen its position in international markets. Kocaer Steel will become the majority shareholder in the new subsidiary.

According to a statement by the steel producer submitted to the Public Disclosure Platform (KAP), this investment forms part of a strategy to enhance global competitiveness.

The new entity is expected to support Kocaer Steel’s operations in the North American market, whilst enabling the company to strengthen its local presence and provide a more personalised service to its customers. Further details, particularly regarding the investment and production capacity, have not been disclosed.

Kocaer Steel operates in the steel sections segment with a total capacity of 800,000 tonnes per year and exports over 75 per cent of its production to 140 countries. The company has three steel section production plants, a service centre and hot-dip galvanising facilities.

It is worth noting that the Turkish steelmaker Kardemir Çelik Sanayi A.?. recently announced preparations to enter the capital markets following the completion of a programme to expand capacity and improve efficiency. The funds raised from the initial public offering (IPO) will be directed primarily towards replenishing working capital and increasing the utilisation rate of production sites.

Source:GMK Center