Turkish iron and metal large Kardemir plans to take a position $1.5 billion (TL 46.2 billion) within the subsequent 5 years and targets growing its crude metal manufacturing to three.5 million metric tons from 2.5 million because of this, its chairperson stated on Thursday.
Speaking to the journalists, the corporate’s chairperson Ismail Demir highlighted they’ve ready strategic plans inside the scope of their imaginative and prescient of contributing to industrial manufacturing, home and nationwide manufacturing at a excessive degree, and producing strategic and high-value-added merchandise.
“Currently, our crude steel production is at the level of 2.5 million tons. We aim to increase this to 3.5 million tons in a very short term,” famous Demir. He additionally stated Kardemir wished to double manufacturing in areas with excessive added worth inside 5 years.
“Added value and profitability issues will be our priority. In this way, our profitability will enable new and innovative investments,” he stated.
Furthermore, he identified they intend to participate within the new initiatives within the railway and transportation sector whereas introducing aggressive merchandise reminiscent of railway rails and wheels to the market. The firm, nonetheless, needs to switch a major a part of the vitality wanted for initiatives and actions to sustainable sources with out fossil fuels, he stated.
The sector is among the areas uncovered to the necessity to generate new investments to fulfill local weather targets, as Europe is starting to levy a border carbon tax on merchandise reminiscent of metal from 2026, and buyers are intently watching the corporate’s emissions discount plans.
“Our company, based on the principles of a healthy environment and efficient production, considers being environmentally sensitive in production and investment activities as a fundamental principle. It has spent approximately $160 million from 2006 to the end of 2023 in this regard,” Demir stated.
“For the year 2024, an approximately $40 million budget has been allocated for our environmental investments. Our environmentally friendly investments will continue to increase rapidly in the coming years.”
“We aim to reduce our carbon emissions by 15% by 2030 and become a carbon-neutral facility by 2053,” he famous.
He additionally famous that varied vitality investments, particularly in photo voltaic vitality, are persevering with and stated, “In the first plan, we aim to produce 250 megawatts of renewable energy by the end of 2026.”
Stating that they’ve a objective of opening as much as new markets, Demir additionally conveyed the corporate’s goal to raise their market share from 9% to 12%.
Demir additionally stated Kardemir is serious about port and railway administration, in addition to mining administration.
“We will participate in the tender processes for port and railway management,” he stated. “We are also interested in operating mining sites in Türkiye and abroad.”
Source: www.dailysabah.com