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Ussuri Capital, a Turkish investment firm, has unveiled plans to invest up to 960 million euros ($1 billion) in constructing a carbon-neutral steel mill in Romania. Completing the feasibility study and business plan in March, the company is now engaged in due diligence on potential land plots for plant location and exploring the project’s capital structure, as stated in a recent press release.

The project’s initial phase, valued at 160 million euros, will involve installing a push-pull pickling line, a cold rolling mill, and a hot-dip galvanising line, along with a colour coating line. This phase is slated for commissioning in 2027, utilizing hot rolled coils imported from non-EU countries as the initial feedstock.

The subsequent phase, estimated between 715 to 800 million euros, will encompass constructing an electric arc furnace and a continuous casting module, expected to be completed by 2030.

Upon operationalization, the Romanian plant aims to annually produce 400,000 tonnes of pickled coils, 250,000 tonnes of cold-rolled coils, and 250,000 tonnes of hot-dip galvanised coils.

Revenue projections from downstream operations are anticipated to hit 324 million euros, with an EBITDA of 38 million euros within two years post the first phase’s commissioning, yielding an EBITDA margin of roughly 12%.

Ussuri Capital, headquartered in Istanbul, focuses on green steel investments, commodities, metals, and mining.