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The money would also go for modernizing the plant's cold-rolling mill.
The company closed on Huntco's Arkansas-based cold-rolling mill in June.
"Currently, the utilization rate at our second cold-rolling mill is at 55-60% capacity, and continues to ramp to full capacity.
Even now, Magnitogorsk is seeking Government-backed credits for another $1 billion investment, this time in a cold-rolling mill for another stage in the finishing process.
Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune.
Its cold-rolling facilities are located in Hamilton, Ontario, and consist of a five-stand tandem cold-rolling mill built in 1948 and a four-stand tandem mill built in 1967.
Another published report indicated that GSHL is considering installing a cold-rolling mill and Kremikovtzi is targeting hot-rolled steel sheet production of 2.1 mmt in 2007, up from its present level of around 1.2 mmt314.
Dofasco started, but has not yet completed, a major restructuring program involving the closing of its ingot steel-making facility, the closing of certain cold-rolling mills and the installation of a new reversing cold-rolling mill.
With the addition of a new cold-rolling mill for the purpose of producing full-hard material, it would seem reasonable to conclude that Borçelik will now be capable of diverting additional production to its annealing line to raise its production of commercial quality cold-rolled steel sheet.