Borusan set to invest $150 million in US steel facility
ISTANBUL - Hürriyet Daily News
Turkey’s Borusanforesees more than $500 million annually inrevenues from a planned US investment. REUTERS photoBorusan Mannesmann Pipe U.S. Inc., an enterprise of the Borusan Group, is set to build a production facility worth a $150 million investment in the United States, according to a statement to the Istanbul Stock Exchange (İMKB).
The company aims to feed increasing shale gas and petroleum demand by producing petroleum, natural gas and thermal energy along with projects to drill pipes and small-scale pipelines used for water treatment, mining and all natural underground source production.
Aim for increasing in pipeline drilling market
The facility plans to become operational during the second half of 2014 and aims to create a $500-600 million turnover – depending on the steel prices of the time – once it reaches its full capacity.
“We intend to increase our current share in the pipe drilling market, one of our strategic growth areas, by benefiting from the competitive advantages of becoming a domestic producer, to consolidate our company’s position within the international steel pipe market and to increase the added value we provide to our shareholders,” the company said in the statement.