Turkey's Borusan Mannesman to invest $150 million in U.S. factory

ISTANBUL Mon Dec 24, 2012 3:16am EST

ISTANBUL (Reuters) - Borusan Mannesmann (BRSAN.IS), Turkey's leading steel pipe manufacturer, will invest $150 million in building a production facility in the United States, the company said on Monday.

The facility, which is seen starting operation in the second half of 2014, is expected to yield an annual revenue of $500-600 million depending on steel prices, the company said in a statement with the Istanbul Stock Exchange.

(Writing by Ece Toksabay; Editing by Helen Massy-Beresford)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video