POSCO Assan TST, a
subsidiary of South Korean iron maker POSCO, has set up a new stainless-steel
association in Turkiye along with its local partners there.
Media outlets in
Turkiye reported on Aug. 6 that POSCO Assan TST and its partner Kibar Holdings
established the Stainless Steel Industry Association (PASSAD).
The organization, which
is headed by Kibar Holdings CEO Haluk Kayabasi, has reportedly started its
operation.
The third association
related to stainless steel in Turkiye draws attention as it debuts at a time when
the country faces controversies on anti-dumping investigations on stainless
steel products.
The PASSAD is expected
to represent POSCO Assan TST in the heated discussions about the hot-button
issue.
After Turkiye raised
the customs rate for stainless steel products from 8 percent to 12 percent
early this year, there were concerns that low-priced products would inundate
the market.
Against this backdrop,
POSCO Assan TST asked the Turkiye government to start anti-dumping
investigations, which faced opposition from the country’s importers.
Back in 2011, POSCO
teamed up with Turkiye company Kibar Holdings to set up POSCO Assan TST. The
former and its unit held a 70 percent stake in the outfit.
Two years later, the
new outfit built Turkiye’s first and largest stainless-steel plant near
Istanbul with an annual production capacity of 200,000 tons.
During the next decade,
the factory has churned out stainless steel products amounting to 2 million
tons, according to POSCO midway through last year.
Turkiye has been regarded
as a strategic point for entering the markets of Europe, the Middle East, North
Africa, and Russia as well as the Commonwealth of Independent States.
Renault, Fiat, Ford,
Nissan, Honda, and other major carmakers are operating businesses in the country.
