Arcelor Participates in Borcelik's Investment for a Third Galvanising Line in Turkey.LUXEMBOURG -- Turkish steelmaker Borcelik, jointly controlled by Arcelor (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. :LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR LOR Letter Of Reprimand (military) LoR Lord of the Rings (J.R.R. Tolkien) LOR Learning Object Repository LOR Linux.Org. ) and Borusan, announced today that it will create a new galvanising Adj. 1. galvanising - affected by emotion as if by electricity; thrilling; "gave an electric reading of the play"; "the new leader had a galvanic effect on morale" galvanizing, galvanic, electric line at its Gemlik facilities. The 140 million euros investment will make Borcelik the largest and most modern producer of galvanised steel in Turkey. It will allow Arcelor to increase its exposure to the Turkish market for high added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
The investment decision was taken by Borcelik's Board of Directors, which comprises members from Borusan, Arcelor and Erdemir. It will boost Borcelik's rolling capacity by 60% to 1.6 million tons, and will increase its galvanising capacity to 900,000 tons. The new line is expected to open in the second half of 2008. Borcelik also announced that it will acquire Borusan subsidiary Kerim Celik, a steel service center serving various industries. Commenting, Michel Wurth, Arcelor's Vice-CEO and Arcelor Mittal's Senior Executive Vice President in charge of Flat Products Europe, said: "This investment will contribute to foster Borcelik's leadership in Turkey's high growth market for galvanised steel. The country offers high growth prospects for the steel industry, with steel consumption expected to grow by 6 percent per year over the next decade. Several of Arcelor's existing automotive clients are key players in Turkey." Borusan Holding CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Agah Ugur expressed his confidence in the future of the Borusan-Arcelor partnership, saying: "As a leading and experienced group in the Turkish steel industry, Borusan's partnership with the global steel giant Arcelor has contributed greatly to our sector and economy. This investment is a manifestation man·i·fes·ta·tion n. An indication of the existence, reality, or presence of something, especially an illness. manifestation (man´ifestā´sh of the determination of Borusan and Arcelor to grow together in Turkey in flat steel production and to expand service centers activity." Arcelor has had an industrial presence in Turkey for more than 15 years. In addition to Borcelik, Arcelor has, in the flat products segment, a 75% stake in the Sollac Ambalaj joint venture with Erdemir (packaging solutions) and a 40% stake in Bamesa Celik, a service centre focusing on automotive applications. About Arcelor Arcelor is a global leader in steel with a turnover of 32.6 billion euros in 2005. The company, which is to merge with Mittal Steel following a recommended public tender offer, holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. Arcelor is the number one steel producer in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and holds significant positions allowing it to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations labour relations (US), labor relations npl → relations fpl dans l'entreprise labour relations labour npl → Beziehungen pl and social responsibility. For more information visit www.arcelor.com |
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