Turkiye’s Yıldız is investing in the construction of a hot rolling mill in 2024

The company is also preparing for the commissioning of a solar power plant

Turkish steelmaker Yıldız Demir Çelik is investing in the construction of a hot rolling mill in Kocaeli province (Turkiye) next year. This was announced by Hakki Yildiz, a member of the Board of Directors of Yıldızlar Investment Holding, SteelOrbis reports.

At these facilities, the company will produce value-added steel and flat products. The new facility will provide import substitution, be equipped with the latest technologies and designed in accordance with the Green Deal.

In addition, the company is preparing to commission a solar power plant with an installed capacity of 30 MW in Kütagya to reduce carbon emissions.

Hakki Yildiz noted that the holding operates in eight different sectors, including metallurgy and energy.

“We aim to generate funds through sustainable profitable growth in all our sectors, increase our market share and then make high value-added investments. In addition, green energy investments are one of the sectors we will be investing in as a new business line. By investing in energy, we will work to minimize production costs, on the one hand, and realize energy transformation, on the other. By 2024, we plan to reach a level where our enterprises will generate their own energy,» he said.

At the same time, the holding stated that global growth will slow down in 2024 due to rising commodity prices, uncertainty in the global economy, high inflation and interest rates.

Yıldız is investing over $152 million in new steelmaking facilities. The project of steel and rolling production has already been reviewed and approved by the Turkish Ministry of Environment and Urbanization.

As GMK Center reported earlier, Kardemir, a Turkish integrated long products producer, plans to invest $1 billion in 2023-2028. In 2022, the company smelted a total of 2.22 million tons of steel and produced 2.14 million tons of rolled products. During the year, Kardemir added 136 high value-added products to its portfolio.