Turkey-based steel producer Karabük Demir Celik (Kardemir) has announced that it has signed a credit facility with Germany's KfW IPEX Bank to finance the foreign expenses regarding its special bar quality (SBQ) rolling mill investment.
Repayments will not be made for the first three years of the 13-year credit facility which is worth €45.55 million.
As SteelOrbis previously reported, in April this year Kardemir ordered a special bar quality (SBQ) rolling mill for the production of surface-quenched and tempered rebar, straight bar, wire rod and bar in coils from the German plantmaker SMS Meer. The mill will have an annual capacity of 700,000 mt in the first stage, allowing for a capacity increase to 1,400,000 mt per year in a second phase.