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TUR - IDC to buy dry bulk vessel

Turkish longs producer Izmir Demir Celik Sanayi AS announced that it has decided to purchase a dry bulk vessel of 53,483 DWT in order to reduce the freight costs of its exports. The purchase which will be completed in November or December 2009 will cost USD 28.2 million to be paid from the company's own resources.

In the H1 of 2009, IDC purchased 2 dry bulk vessels of 48,300 DWT and 52,300 DWT with investments of USD 20.5 million and USD 22.5 million respectively in order to gain price and traffic flexibility in the transport of finished products and raw materials. With 1.3 million tonne melt shop capacity and 900,000 million tonne rolling mill capacity, IDC produced 511,962 million tonne of saleable products in the H1 of 2009 exporting 67% of its total output.

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