The largest portion of investments will be directed to the production of flat rolled products
Turkiye's Borusan Group will invest US$1.4 billion (63 billion Turkish liras) in development over the next three years, of which US$500 million is planned for the current year. The announcement was made by group CEO Erkan Kafadar Ses Kocaeli reports .
According to Kafadar, most of these investments aim to increase the capacity of the Borçelik factory in Gemlik. The company plans to invest 20.8 billion Turkish liras in new coated plate production facilities (500 thousand tons per year), exclusive to Turkey. The measure aims to serve the growing automotive and household appliance sectors and replace imports. Furthermore, the investment in the factory will allow Borçelik to achieve modular growth with minimal additional investment in the future.
At the same time, a project will be implemented to modernize the factory's production lines and increase its productivity. According to Kafadar, all lines installed before 2000 will be updated.
Borusan Group also plans to provide approximately 6% of Turkiye's wind energy production through investments in wind and solar energy.
The CEO of the Borusan Group also said that in the near future all companies in the group will give preference to “green” products from suppliers when purchasing. The company also intends to grow in the USA and Europe (Romania). A Romanian factory specializing in automotive products will be opened in the first quarter of 2024, which will strengthen Borusan's position in the European automotive tubes market.
As Compraço previously reported, Kardemir, an integrated Turkish steel producer, plans to invest US$1.5 billion (TL 46.2 billion) over the next five years. Currently, the company's steel production is 2.5 million tons and it intends to increase this number to 3.5 million tons in a very short time.
