Koç Metalurji A.Ş., a Turkish long steel producer, announced it will purchase a continuous casting machine (CCM) worth US$3.5 million from China’s Harbin Guangwang Electromechanical Equipment Manufacturing Co., Ltd. to modernize its steel production facility in the Osmaniye Organized Industrial Zone.

The purchase was approved by the board of directors and is expected to be ready for shipment within seven months. Koç Metalurji determined payment terms as 20% cash, 70% letter of credit, and the final 10% upon completion.

The company expects this investment to positively impact its production capacity, revenue, and profitability.