plans rebar joint venture in Northern Iraq
ArcelorMittal announced that it has signed
a memorandum of understanding to establish a joint venture with
Turkish partner, Dayen, to build a steel mini-mill with electric
furnace in Sulaimaniyah in Northern Iraq.
In its initial phase, the mill would produce
up to 250,000 tons per year of rebars from locally sourced scrap
and require investment of $100 million to $130 million, jointly
subscribed by ArcelorMittal and Dayen.
Construction is planned to start in the second
quarter of 2010 and production is planned to commence early in
Q4 2011. Production could eventually increase to 500,000 tons