Sep. 4, 2009 (United Press International) -- South Korean steelmaker POSCO (NYSE:PKX) Friday confirmed plans to build a $24 million processing plant in Turkey to serve the European market.

POSCO, also called the Pohang Iron and Steel Co., did not provide details beyond the amount of the investment, The Korea Times reported. The Turkish government, however, said the new plant will produce flat steel, primarily for the automotive industry. Groundbreaking for the facility will take place in October, a Turkish investment agency said.

In August, POSCO Chief Executive Officer Chung Joon-yang said the company was "actively reviewing ways to enter the European market effectively."