Steel company establishes joint venture with Turkish firm to build rebar mill in Northern Iraq.
ArcelorMittal has signed a memorandum of understanding to establish a joint venture with Turkish partner Dayen to build an electric arc furnace steel mini-mill in Sulaimaniyah in northern Iraq.
Initially, the mill will produce as much as 250,000 tons of rebar per year. Ferrous scrap to be used by the mill will come from local sources. The investment in the project is expected to be between $100-130 million, and be jointly owned by ArcelorMittal and Dayen.
Construction is planned to start in the second quarter of this year, with production starting by the end of next year.
ArcelorMittal says that production at the facility could eventually increase to 500,000 tons per year.