ArcelorMitta and Turkey-based Borusan have announced a 50/50 joint venture partnership which will see a USD 500 million investment in the construction of a new hot strip mill in Gemlik (Turkey). The mill, which will be located in Turkey next to ArcelorMittal and Borusan’s jointly operated Borçelik plant in Gemlik, on the Marmara sea coast, is planned to come online in first half 2010 with a capacity of 4.8 million tonnes. Slabs for this hot strip mill will mainly be sourced from ArcelorMittal, which will ensure a regular supply of high quality products to better serve the booming Turkish steel market. Both parties signed a Memorandum of Understanding on 22 October 2007. The implementation of the proposed joint venture is subject to customary regulatory clearances.
