Bloomberg cited Mr Kerim Dervisoglu chief of investment department at Kibar as saying that Kibar Holding AS a Turkish company with interests in food, transportation and other businesses plans to build a USD 1.4 billion steel plant with Russian partners.

Kibar will ask for loans for as much as 80% of the USD 700 million needed for the phase-1 of the construction.

Construction of the plant, which will be built in the northwest province of Adapazari and create 1,500 jobs will start in 2010 and be completed by 2013.

(Sourced from Bloomberg)