According to Turkish media on August 6, 2024, POSCO Assan TST and Kibar Holdings have formed the Stainless Steel Industry Association (PASSAD), led by Kibar Holdings CEO Haluk Kayabasi.
This new association emerges amidst Turkey's controversial anti-dumping investigation into stainless steel products. PASSAD will represent POSCO Assan TST in these discussions.
Earlier this year, Turkey increased tariffs on stainless steel from 8% to 12%, raising concerns about low-priced imports. POSCO Assan TST called for an anti-dumping investigation, opposed by Turkish importers.
POSCO and Kibar Holdings established POSCO Assan TST in 2011, with POSCO holding a 70% stake. In 2013, they built Turkey's largest stainless steel plant near Istanbul, producing 2 million tons over the past decade.
Turkey is a key market for Europe, the Middle East, North Africa, Russia, and CIS. Major automakers and home appliance manufacturers are expanding operations in Turkey, increasing the demand for high-quality stainless steel.
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