Yukselen Celik, a leading Turkish specialty steel producer, aims to enter the German market, following its US entry, to expand its export activities in the European market, the firm says in a bourse filing seen by Kallanish.
In addition to increasing its awareness in international markets and expanding its field of activity, the firm aims to increase its export revenue and exports’ share in total sales. To do this, it has established a fully-owned subsidiary named Rising Stahl GmbH in Düsseldorf, Germany.
The subsidiary will start its operations primarily as a European sales office and will have warehouse/storage areas to be able to stock products over time. If deemed necessary, a steel service centre or metal processing plant will also be established in the future. From the subsidiary in Dusseldorf, Yukselen Celik aims to sell its products across Germany and other EU countries, with a particular focus on North Rhine-Westphalia.
Rising Stahl’s establishment procedures are planned to be completed by the end of 2023, with operations starting in the first half of 2024 at the latest. As of H2 2024, it is expected to have a positive impact on the export and transit trade activities of Yukselen Celik.
Yukselen Celik established a wholly-owned subsidiary named Rising Steel Inc. in Chicago in 2022 in order to increase the share of exports in total sales revenue, which has hitherto been small. The firm increased the share of exports in revenue by approximately 6.5% as of the end of 2022, with the contribution of the export office opened in Istanbul and the subsidiary established in the USA. This is in addition to the capacity increases realised previously. This share rose to over 15% in H1 2023.
Burcak Alpman Turkey
