ISKENDERUN - Russian company Magnitogorsk Iron&Steel Works (MMK) plans to invest in iron & steel sector in Iskenderun town of southern city of Hatay together with a Turkish company, Atakas Group.
Chairmen of the two companies, Recep Atakas and Viktor Rashnikov, signed a protocol in Iskenderun on Wednesday regarding the investment worth 1.1 billion USD.
Recep Atakas said at the signing ceremony that the project would start in September 2007 and it would be fully completed in 2011.
The new factory will specialize in the production and processing of hot and cold-rolled sheet as well as galvanized and color-coated rolled steel products.
Atakas said they would meet the needs of Turkey and the Middle East, noting that Turkey would save 1.5 billion USD a year from imports of rolled steel products. The factory will employ 2,300 workers.
On the other hand, MMK Chairman Rashnikov said they would make an investment in Turkey for the first time.
MMK is ranked the 20th among the world's largest steel producers with 6.4 billion USD of net revenue in 2006.