Posco’s Turkish automotive centre posts record despite economy

Posco-Turkey Nilufer Processing Center (Posco-Tnpc) surpassed in February sales of 1 million tonnes since its commissioning in 2009. This came despite Turkey’s economic crisis and global trade protectionism, says the Turkey-based automotive steel service centre’s South Korean parent company, Posco.

Posco-Tnpc’s primary customers are top global automobile dealerships and manufacturers with joint ventures in Turkey, such as French carmaker Renault and Italy’s Fiat, Kallanish notes.

The service centre held a ceremony last month, reconfirming its “… full dedication to expanding the sales market in Turkey,” Posco says. “Posco-Tnpc’s achievement is especially meaningful as the company commemorates its tenth anniversary this year, as well as the economic turmoil the country has undergone.”

Posco continues: “The Turkish economy has suffered a severe downturn. Following the financial crisis last year, the Turkish lira devalued by more than 40%. Steel sales hit a significant roadblock due to the stringent trade protectionism pervasive worldwide – import-export to and from Turkey became all the more challenging.”

Posco-Tnpc is negating the crisis by boosting sales of WTP (World Top Premium) products and supporting overseas customers’ export business to Europe and the Middle East, Posco says. The service centre’s portfolio of automotive steel plate; plated, ultra corrosion-resistant “Posmac” steel sheet; and electric steel plate has helped secure profit despite the tough conditions, it adds.

Posco’s other European locations include Turkey-based cold rolled stainless steel plant Posco-Assan TST, Poland-based processing centre Posco-Pwpc, Italy-based Posco-Itpc, and Slovenian distribution centre Posco-Esdc.