Turkey is a large country in the Mediterranean. It is unique in that it is partly in Asia and partly in Europe both geographically and culturally, with borders to countries as diverse as Greece and Iran. The country has a large and rapidly-growing construction industry and has one of the largest cement industries in the world. Turkey produced 67.8Mt of cement in 2011, more than any country in Europe.1 Its industry ranks fourth globally, behind China, India and the USA.
The lands that constitute modern Turkey have a rich and varied history, a consequence of the country's geographical position.
From the late 1200s until 1922 the territory, as well as many around it, was dominated by the presence of the Ottoman Empire. With Constantinople, modern-day Istanbul, at the centre of this strategically-placed power from 1453 until the start of the 20th Century, the Ottoman Empire, at its height, stretched from modern-day Greece, around the borders of the Black and Red Seas and along north Africa as far as modern Algeria.
After peaking in size in the late-1500s, the Empire gradually saw more and more of its territory lost as parts claimed and fought for independence. By the end of the First World War, parts of Turkey itself found themselves occupied by Allied forces.
The occupation led to a backlash, for independence, by the Turkish national movement, which was gained in 1922 after a war. In 1923 the country declared itself to be the Turkish Republic, a democratic, secular state that departed from Ottoman-style rule and leaned more towards European culture.
The new country's first president was Mustafa Kemal, a leader in the war for independence. Such was public support for Kemal's presidency and his reforms that he was given the honorary surname Atatürk, meaning 'father of the Turks,' in 1934.
Economy
The Turkish economy is the 17th largest in the world, although its relatively high population means that it only ranked 88th in GDP/capita terms in 2011.2 The economy is characterised by increasingly dynamic and varied free markets and a shrinking public sector, the result of aggressive recent privatisation.
Relatively tight banking discipline, which was brought in following a severe banking crisis in 2001, meant that the economy has, so far, escaped the worst of the recent economic downturn, returning to 9.2% growth in 2010 after shrinking in 2009.3 The economy grew by 8.5% in 2011, although this fell back to an estimated 3.3% in 2012.
Ongoing concerns for Turkey include high imported fuel costs, a massive current account deficit and uncertainty over longer-term fiscal policy.2 It is unclear how continued fiscal issues in the EU will overspill into Turkey in the medium to long term.
Cement industry - History
The Turkish cement industry traces its history back over more than a century to 1911, when it had a capacity of just 20,000t/yr from the Aslan Çimento plant in the then-capital Istanbul.4 However, until 1950 little development was seen in the industry with just four new plants at Ankara, Zeytinburnu, Kartal and Sivas.
The industry saw a step-change in 1953, when the Turkish Cement Industry Company (ÇISAN), a public enterprise, was set up to commission 15 new cement plants throughout Turkey. A total of 17 more were added between 1963 and 1980 by the national and regional governments in order to help regional development. The Turkish Manufacturer's association (TCMA) was formed in 1957 to represent the interests of the growing industry.1
Above - Figure 1: Map of Turkey, with cement plants, cities and neighbouring territories and areas of water.1
(click to open PDF version)
GDP (2011 est.)2 | US$1075bn |
GDP/capita (2011 est.)2 | US$14,400 |
Population (July 2012)2 | 79.7m |
Area2 | 783,56km2 |
Cement grinding plants1 | 20 |
Integrated cement plants1 | 48 |
Integrated capacity1 | 65.1 |
Mean integrated capacity | 1.35Mt/yr |
Above: Summary data for Turkey and its cement industry.
Cement industry - Privatisation
In 1989 privatisation of the cement industry started in the west of Turkey, where greater demand and higher efficiency meant that plants were more likely to be attractive acquisition targets. Plants in the east were restructured and consolidated prior to privatisation, which occurred at speed until 1997. By this time Turkey was the third-largest cement producer in Europe after Germany and Italy.4
By the end of the privatisation process, Turkey had a total of 40 cement plants producing a total of 33.3Mt/yr of cement.5 At this point eight plants were wet process and the rest were dry. Since then, market forces have allowed the Turkish cement industry to double in size in just 15 years. Indeed 33% of all Turkish capacity in 2010 was less than six years old.5
In 2012 the Turkish cement industry had a total of 48 integrated cement plants and 20 additional cement grinding facilities, according to the TCMA.1 Today the industry has a combined capacity of 82.5Mt/yr (including grinding plants). The industry produced 67.8Mt of cement in 2011 a capacity utilisation rate of 82%.1
Cement industry - Modern structure
The Turkish cement industry consists of around 30 relatively small producers. It is over 75% Turkish-owned,1 with the remaining 25% of the industry owned by foreign players, predominantly Portugal's Cimpor, France's Lafarge, Italy's Cementir and Germany's HeidelbergCement.
The most prominent Turkish groups are Sabançı Holding, which owns Çimsa Çimento and has a joint-venture interest in Akçansa with HeidelbergCement, Çimentaş, which has a strong presence in the west, and the Limak Group, which has nine integrated and grinding sites.6 There is no dominant domestic player, although Akçansa is the largest producer with 10% of the Turkish market.7
The reason that there are so many cement producers in the Turkish industry is that no one company is allowed a larger than 25% share of the market. The apparent intention of this requirement is to keep competition in the industry high. The approach also results in an impetus for Turkish cement producers to expand and make acquisitions outside of Turkey.
Cement industry - National trends
Since 1950 Turkish cement consumption has increased drastically from little over 1Mt/yr in 1950 to over 50Mt/yr in 2011 (See Figure 2).1 The bulk of this growth has occured since the early 1980s, when capacity and production were fairly well matched at around 15Mt/yr apiece. In the 1980s the country was briefly an importer of cement, with consumption exceeding production in 1987 and 1988.1
However, it was the privatisation drive that began in the late 1980s that really accelerated cement production and consumption in the country. Despite rapid domestic demand growth, Turkey has even built up a significant gap between its own consumption requirements since the early 2000s.1
This gap, which Turkey uses to its advantage via exports, is due to its very high cement capacity, now higher than any EU nation and fourth globally behind China, India and the United States. This rose by 30Mt/yr from ~35Mt/yr in 2000 to ~65Mt/yr in 2011, the result of a domestic construction boom and strong exports to a variety of nations prior to the recent global recession. The TCMA forecasts that capacity will expand by another 25Mt/yr before the end of 2015, an astonishing growth of ~8.5%/yr.1
Cement industry - Regional trends
While the Turkish government did considerable work to distribute cement plants to every region of Turkey from the 1950s to 1980s, the industry of today remains concentrated to the west and north of the country (See Figure 1 and Figure 4).1 This is due to the constant expansion of Turkey's largest city, Istanbul. Spanning the Bosphorus, which separates continental Europe from Asia, Istanbul is a long-standing cement sink, with near-constant expansion of suburbs and new industrial sites along major highways as well as inside the city itself.
The Marmara Region, where Istanbul is located, has the highest population of any Turkish region and, unsurprisingly, it has the highest cement capacity. The region with the second highest cement capacity is the Mediterranean Region, which benefits from numerous sheltered coastal areas from which exports are straight-forward. Its cement capacity has undergone the most drastic expansion of all regions since 2007, with capacity increasing from around 17Mt/yr to 25Mt/yr.
The third highest capacity region is Central Anatolia, which is home to Turkey's capital Ankara. It has also seen significant capacity addition in the past five years. Other regions have lower cement capacities and have seen less significant changes to capacity since 2000.
The region that has undergone the least change over the past 12 years is the Aegean Region. Its capacity peaked in 2004 but has since decreased to ~8.5Mt/yr in 2011, only slightly more than in 2000.
Cement industry - By use
In 2011 over half of Turkish cement was destined for the ready-mix concrete (RMC) sector.1 The second-largest market segment was sales through traders and distributors, which took 31% of cement in that year.Non RMC construction, pre-cast concrete, and contractors took 2.7%, 3.1% and 6.2% of Turkish cement, respectively. Direct sales to members of the public came in at under 1%, with other uses claiming a 1.5% share of all cement used.
Cement industry - Exports
As alluded to above, Turkey is one of the most prolific exporters of high-quality cement and clinker anywhere in the world. The country benefits from a long and indented accessible coastline, high-quality natural resources and modern plant technology, which reduces production costs and hence prices. Importing countries can expect Turkish plants to deliver European-quality cement without the European price-tag.
Some of the countries that Turkey exports to are, on the face of it, fairly surprising. In 2011 it exported to Iran, India, Brazil and Russia, all countries where the cement industry is growing rapidly. Turkey also exported to southern EU countries that have low capacity utilisation rates, and as far afield as Australia, which is starting to feel the effects of its new carbon tax and is increasingly reliant on imports.
In 2011 Turkey's combined cement and clinker exports were worth an estimated US$900m, with 12Mt of cement and 2.4Mt of clinker exported via the country's numerous terminals.1 Despite these impressive statistics, which countries like Iran and Vietnam would love to emulate given their overcapacities, the 2011 export totals were actually down on those in 2010 by 23% (cement) and 11% (clinker) respectively (See Figure 6).1
The decrease in exports seen in 2011 relative to 2010 is likely to be due to two factors. Firstly, the Turkish domestic market made larger demands on its own capacity in 2011 than it did in 2010 and so there is less potential for exports.
Secondly, some of Turkey's existing export markets are becoming less dependant on imported cement. Such countries include those in west Africa, which are increasingly supplied by the Nigerian mega-player Dangote Cement. Others, like Greece, Italy and Spain, which import Turkish cement due to cost advantages over locally-produced material, are also demanding less than in previous years due to constrained public construction spending and wide-spread belt-tightening. 2011 was also a bad year for Turkish exports in the Middle East and north Africa, many countries of which were affected by the Arab Spring.
Cement industry - Deliberate overcapacity?
Despite these temporal difficulties, the TCMA estimates that Turkish cement exports will continue to rise as increases in the country's capacity come online (See Figure 6). By 2020 it forecasts that cement and clinker exports could hit 18Mt/yr!
However, despite the fact that Turkey's excess cement capacity is larger than the whole cement capacity of many other countries, it is unlikely to be the result of poor industry planning. With forthcoming projects, constant infrastructure projects and expansion of major cities at home, (and the fact that Turkish laws go a long way to keeping producers competitive), Turkey's domestic cement demand is only ever a few years behind its capacity. By producing high-quality, affordable cement for itself and others, Turkey has built efficiency into its cement industry and will not be reliant on other nations to satisfy its future growth. The country will be able to source large amounts of cement at competitive prices for the forseeable future, making the most of its natural resources. In this respect its behaviour is a bit like an oil exporter, except that instead of exporting processed oil, it is exporting processed limestone.
Cement industry - Alternative fuels
While much of Turkey's cement production capacity is relatively new and hence relatively efficient compared to older machinery, alternative fuels are not commonly used by many in the industry. They represented only 2.4% of all fuels used by the industry in 2011.1
The pioneer in this field is Akçansa, which has used alternative fuels at its Büyükçekmece cement plant since 2005. Part-owned by Germany's HeidelbergCement, which has used alternative fuels for decades, the Büyükçekmece plant now uses a mixture of several alternative fuels in addition to traditional fuels to meet its thermal requirements. Given its early start, the plant still represents the forefront of alternative fuels in Turkey. It used around 23% alternative fuels in January 2013.
Alternative fuel developments have been steady since 2005. Bursa Çimento has used waste oil, contaminated waste, paint sludge and others since 2006.8 It now uses RDF in addition to these via a Vecoplan solution.
By 2007 16 cement plants were licenced to use hazardous wastes as alternative fuels.9 A further eight were licenced in 2008, bringing the total to 24 plants.10 Other users include Nuh Çimento, which uses 8% alternative fuels (a mixture of RDF and dried sewage sludge) and Çimentaş' parent company, Italy's Cementir, which has made recent acquisitions to secure municipal waste streams.11
Cement industry - More alternative fuels?
The changes seen at the Büyükçekmece cement plant in a short space of time show what can be done to implement alternative fuels in Turkey. In the future it is likely that alternative fuels will become a major part of the industry, with major regulation changes already affecting industrial behaviour.
Firstly, the Turkish government is in the process of implementing a major waste management overhaul scheme, which it drew up in 2009. This is seeing the introduction of far more stringent landfill regulations, which, even at the start of the 2000s, were mainly unregulated. With regulation of landfills will come increased costs to dispose of wastes and hence it is likely that diverting some waste streams from landfill could become economically beneficial. There is currently major development in the Turkish waste processing sector as a response to tightening waste regulations.
Secondly, environmental regulations are becoming more stringent in Turkey, with the permissable levels for major pollutants, such as dust, PM, NOx, SO2, HCl and HF, on a constant downward trend. The drive to reduce embodied CO2 levels in cement is also key and will encourage an uptake in alternative fuels as well as other efficiency measures.
Thirdly, alternative fuels offer Turkish cement plants an opportunity to increase margins based on reduced need for traditional fuels and hence lower traditional fuel costs. With insufficient fuel sources of its own, Turkey currently has to import much of its fossil fuels. Implementing widespread alternative fuel use could make the industry more economically competitive as well as more sustainable in the future.
The use of alternative fuels will also help to keep Turkish cement exports economically competitive, especially if other major cement exporters, for example Nigeria, emerge in the future.
Cement industry - Waste heat recovery
Unlike many major cement industries in the EU and the Americas, Turkey's cement industry has numerous waste heat recovery (WHR) systems that have been implemented in recent years.
The largest among these systems is at the Akçansa Çanakkale plant in the Marmara Region, which was installed by China's Sinoma, one of the largest installers of WHR systems in the world.12 Installed between 2010 and 2011, the WHR system saves around 30% of Çanakkale's thermal fuel requirements and approximately 60,000t/yr of CO2 emissions.
Sinoma has also installed systems at Batiçim Bati Anadolu Çimento (12MW) and Batisöke Söke Çimento (7MW).13 These save around 120,000t/yr of CO2 emissions between them.
Elsewhere Japan's Kawasaki, in cooperation with its partner Marubeni Corporation, has installed a WHR system in a Çimsa cement plant, which saves 40,000t/yr of CO2.14 Bursa Çimento is currently having a WHR system installed by Shanghai Truimph Engineering of China.8 The 9MW facility will be commissioned in June 2013 and save Bursa around 28,000t/yr of CO2 and 25% of its energy requirements.
Most of the WHR in the Turkish cement industry has been commissioned since 2010. It is likely that their popularity will increase further in the country, as WHR systems offer rapid financial payback on investment, especially when electricity costs are high.
Cement industry - Finances in 201215
After a strong year in terms of cement sales in 2011, the Turkish cement industry saw a mixed first half of 2012. Over the six months Adana Çimento saw a 7.2% drop in its revenue to Euro62.5m. Its net profit was also down, by 26.1% year-on-year to Euro9.8m.
Aslan Çimento saw a marginal decrease in its revenue, by 0.37% in the first half of 2012. It recorded total revenues of Euro29.5m for the half, making Euro3.0m in profit. In the second quarter of 2012 Aslan had a revenue of Euro17.5m and profit of Euro2.9m. Meanwhile, Afyon Çimento recorded a flat revenue (a decrease of 0.2% year-on-year) in the first half, although it lost Euro275,000.
Turkey's largest cement maker, Akçansa Çimento, however, saw a 9.5% improvement in revenue at Euro123.7m for the first half, allowing it to increase its net profit by 56.5% to Euro19.9m. Baticim Bati Anadolu Çimento saw its profit increase by 48.9% to Euro7.8m, while its revenue was up by a more moderate 6.1% to Euro84.1m.
Batisöke Çimento also saw a healthy increase in revenue, increasing it by 115% to Euro20.0m. Its net profit was Euro2.9m. Bolu Çimento showed a net profit of Euro3.72m. This represents a 41% year-on-year decrease from the Euro6.3m that it earnt in the same period of 2011. Bolu's revenue was up year-on-year in the period under review at Euro27.8m compared to Euro21.8m in the first half of 2011.
Bursa Çimento's profit, however, was down by 65.7% to Euro3.4m and its total revenue was marginally down, by 2.1%, at Euro108.3m.
Çimentas Izmir Çimento Fabrikasi saw its total revenue increase by 1.72% to Euro117.7m in the first half of 2012, recording a net profit of Euro2.8m. In the course of the second quarter of 2012, which ended on 30 June 2012, the company recorded a revenue of Euro72.5m, an increase of 5.6% year-on-year. It saw a quarterly net profit of Euro2.1m.
Göltaş Göller Bölgesı Çimento saw total revenues of Euro67.5m in the first half of 2012, a 73.5% increase compared to the first half of 2011. Its net profit was also up, growing by 54.5% to Euro9.1m.
Konya Çimento showed a 256% year-on-year increase in its net profit, albeit from a low base. It recorded a net profit of Euro6.83m, compared to Euro1.92m in the same period of 2011. Konya's total revenue was up by 3.8% to Euro48.0m in the first half of 2012 compared to Euro46.5m in the first half of 2011.
Elsewhere, Mardin Çimento saw its revenue fall by 19% to Euro44.6m and a 48.3% drop in its net profit to Euro8.6m year-on-year in the first half.
Nuh Çimento was relatively stable compared to the first half of 2011 in the first half of 2012, recording a net profit of Euro9.7m (down 13%) and revenue of Euro185.4m (up 4.5%).
Ünye Çimento saw an 11.1% drop in its revenue to Euro9.7m. Its total revenue for the period was Euro46.5m, a year-on-year increase of 1%.
Few reports have yet surfaced for the second half of 2012, although some cement producers have announced results for the three months to December 2012. They are less positive than the results posted in the first half of the year, with Akçansa, Adana and Afyon all recording a drop in profit relative to 2011. However Göltaş and Ünye recorded increases in net profit. Adana Çimento's total revenue was down to Euro30.5m in the quarter to 31 December 2012, falling by 19.3% year-on-year. Its net profit slumped by 21.2% to Euro9.4m in the quarter from a year-earlier.
Afyon Çimento's total revenue was down by 1.8% in the three months to 31 December 2012 to Euro5.1m. The company made a net loss of Euro0.7m.
Akçansa Çimento's total revenue was up by 2.5% to Euro114.3m in the quarter to 31 December 2012. Its net profit was down by 2.9% to Euro13.4m over the same periods.
Göltaş Çimento's total revenue was up by a massive 177% year-on-year in the three months to 31 December 2012, reaching Euro76.0m. Its net profit rose by 74% from the year-earlier period, reaching Euro1.9m.
Ünye Çimento's total revenue was up by 12% year-on-year to Euro26.6m in the three months to 31 December 2012. The company's net profit grew by 22% to Euro6.9m relative to the year-earlier period.
Cement industry - Projects and contracts15
The Turkish cement industry is constantly on the move, reflected by a large number of contract awards and extensions in 2012 and 2013.
In March 2012, however, the industry saw the exit of a minority player, Italy's Italcementi, which sold its 51% stake in Afyon Çimento to Çimsa for Euro25m. The move left the Italian company with no interests in the Turkish cement industry.
In the summer, Loesche GmbH of Germany was awarded Europe's largest ever vertical roller mill (VRM) contract by Nuryol Çimento, which is setting up a new 4000t/day cement plant 150km to the east of Istanbul.
Loesche will supply mills for coal grinding, cement raw material grinding and clinker grinding. The complete project execution and coordination will be done by Sintek Mining Machinery Industry Construction.
The most impressive among the three VRMs ordered will be the cement grinding mill, which is designed to grind OPC cement with a capacity of 240t/hr to a fineness of 3800cm2/g according to Blaine. The mill represents the largest vertical roller mill for cement grinding in Turkey as well as in the whole of Europe. It will have a table diameter of 6.3m.
July 2012 saw the announcement of major Turkish contracts for Switzerland's ABB, which will supply electrification, automation and drive solutions for Medcem's greenfield cement plant project in Turkey.
The plant, which is located at Mersin, is scheduled to commission in March 2014. It will have a capacity of 10,000t/day.
Also in 2012 KHD Humboldt Wedag of Germany was involved in several ongoing projects. The Aşkale Group's Van cement plant, a new 3500t/day KHD installation close to the eastern Turkish city of Van, started commissioning in July 2012.
KHD is also in the final stages of preparing a 4000t/day cement production line in Gümushane, also for the Aşkale Group. On 18 September Loesche GmbH secured an additional contract for the supply of a Loesche LM 56.3 + 3 type mill to grind cement with production rates of up to 230t/hr and finenesses of up to 4600cm2/g (Blaine) for the same project.
Meanwhile, Sönmez Çimento, part of the textile giant Sönmez Holding, has ordered a 5000t/day cement production line from KHD. This project is in its initial stages and will be scheduled for commissioning at some point in 2014 or 2015. Sönmez has announced that it will export half of its 2Mt/yr production to the Middle East and Africa.
Additionally, KHD has received an order for a 4000t/day production line at Trakya from Limak Group. Limak has also ordered seven mills from Gebr. Pfeiffer for the same project. Three will grind cement, three will grind raw meal and one will grind coal for the kiln.
Cement industry - Future developments
In October 2012 the Turkish government began the first stage of a huge urban regeneration project across all of the country's major population centres.16 It aims to replace around five to six million homes over a 10-20 year horizon. Many of these buildings lie in earthquake zones and are in poor states of repair.
The decision to build new buildings had been on the cards in Turkey since 1999 when an earthquake in Izmit killed around 18,000 people. Although the government brought in revised building codes at this point, many millions of buildings were built before these regulations came in and many thousands were illegally built without consideration of the new rules. The drive gained additional momentum following the Van earthquake in October 2011, which, while less serious than the 1999 'quake, acted as a wake-up-call to Turkish authorities.
The risks to Turkey of repeated earthquakes are clear. The 1999 Izmit earthquake caused a 4% economic contraction in two months and it is estimated that a 7.2-magnitude 'quake in Istanbul, rather than remote Van, would damage the national economy to the tune of US$100bn.
The reconstruction will allow the Turkish National Real Estate Association to replace dangerous and illegally-built buildings with new, properly-constructed ones with built-in earthquake-resistance measures, while providing massive demand for the Turkish cement industry's massive existing capacity.
Aside from regeneration, major projects, especially in the Marmara Region, are also strong features of ambitious Turkish infrastucture plans. A tender for the contraversial third Bosphorus Bridge received four bidders in April 2012.17 This was awarded to İçtaş İnşaat-Astaldi at the end of May 2012.18
The bridge, between Garipçe on the European side and Poyrazköy on the Asian side, has the potential to expand urban development, and hence cement demand, to areas further north of the existing city. However, the development is close to much of Istanbul's drinking water supply and areas of natural beauty. Critics of the plan say that the bridge has the potential to cause more problems than it solves, especially in terms of ecological damage. There are also plans for a Bosphorus road tunnel. A rail tunnel is already under construction.
Elsewhere, the contract to build a suspension bridge over the Marmara Sea from Gebze on the north side to Altinova on the south side was awarded to a consortium of five Turkish and one Italian company in 2009. The bridge, construction of which is yet to begin, will form part of a new highway from Gebze to Izmir on the Mediterranean coast that will cost a total of US$6.25bn. It is expected to be completed in 2017.
Like the new Bosphorus Bridge, this development will not only stimulate immediate demand for cement but also open up new areas around Istanbul to increased development. The cement-demand scenario for these new developments remains to be seen, although the sprawl of Istanbul may also cause problems. Nuh Çimento is well positioned to benefit from the new bridge (See separate article).
In other spheres there are a number of water and sanitation upgrade works in cities like Bursa and Mersin, a number of rail projects and windfarms coming on stream in the coming years.
On top of this, the strong fundamentals of the Turkish economy will stand the Turkish cement industry in good stead in the coming years. The Turkish economy grew by 8.5% in terms of GDP in 2011 and is estimated to have grown by 3.3% in 2012.19 In 2013 this rate is expected to be marginally increased to 3.9%. In the 2015-2019 period it is estimated that Turkish GDP will grow by an estimated 5.3%/yr.
For many cement industries around the world, the prospect of sustained 5%/yr growth would be grounds for a sigh of relief and great optimism. However, in Turkey the forthcoming regeneration and infrastructure work will combine with a strong economy to create demand for increased amounts of cement.
The TCMA estimates that Turkish cement capacity will expand by another 25Mt/yr before the end of 2015, an astonishing growth rate of ~8.5%/yr.1 If realised this would bring the capacity to 90Mt/yr. This may sound crazy at the moment but, if the past is anything to go by, this could be just the tip of the iceberg for the Turkish cement industry.
References
1. Becan, Ç. (TCMA). 'Turkish cement industry & facts and figures,' Presentation at 17th Arab-International Cement Conference & Exhibition, December 2012.
2. CIA World Factbook website, 'Turkey.' https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html.
3. World Bank Indicators website, 'GDP per capita (current US$),' http://data.worldbank.org/indicator/NY.GDP.PCAP.CD.
4. Saygili, S.; Taymaz, E., 'Privatization, ownership, and technical efficiency: A study on Turkish cement industry,' http://www.inovasyon.org/pdf/cement.pdf, 2001.
5. Becan Ç., 'Turkish cement industry - The first 100 years,' in Global Cement Magazine - May 2011, PRo Publications International Ltd., Epsom, UK, May 2011.
6. 'Global Cement Directory 2013,' PRo Publications International Ltd., Epsom, UK, November 2012.
7. Akçansa website, Various pages, http://www.akcansa.com.tr/?lang=english.
8. Bursa Çimento Fabrikasi, A.Ş., 'http://www.bursacement.com/bursa_cement.pdf,' http://www.bursacement.com/environment.html, November 2012.
9. Turkish Court of Accounts, 'Waste management in Turkey: National regulations and evaluation of implementation results. Performance audit report,' January 2007.
10. European Environment Agency website, 'Waste (Turkey). Why should we care about this issue?' http://www.eea.europa.eu/soer/countries/tr/soertopic_view?topic=waste, 26 November 2010.
11. Çimentaş, '2011 Annual Report,' http://www.cimentas.com/assets/catalogue/pdf/GR_FR_Annual_2011_EN.pdf, 2012.
12. Hürriyet Daily News website, 'Firm makes use of waste heat for power,' 13 October 2011.
13. Sinoma Energy Conservation Ltd., 'More Waste Heat Recovery Power Plant EPC Contracts Signed in Turkey,' http://www.sinoma-ec.cn/templates/second_en/index.aspx?nodeid=55&page=ContentPage&contentid=468, 8 August 2010.
14. Marubeni website, 'Contract signing of waste heat power generation system for cement plant in Turkey,' http://www.marubeni.com/news/2010/100802e.html, 2 August 2010.
15. Back issues of: PRo Publications International Ltd., 'Global Cement Magazine', Epsom, UK, January 2012 - January 2013.
16. Smith, D.A., on Affordable Housing Institute: US website, 'Urban Regenerateion in Turkey Parts 1 -3,' http://affordablehousinginstitute.org/blogs/us/2012/05/urban-regeneration-in-turkey-part-1-big-vision.html; http://affordablehousinginstitute.org/blogs/us/2012/05 urban-regeneration-in-turkey-part-2-big-plans.html; http://affordablehousinginstitute.org/blogs/us/2012/05/urban-regeneration-in-turkey-part-3-big-challenges.html, 29-31 May 2012.
17. Financial Times website, 'Turkey infrastructure: back on track?,' http://blogs.ft.com/beyond-brics/2012/04/20/turkey-infrastructure-projects-back-on-track/#axzz2K158CUtz, 20 April 2012.
18. Hürriyet Daily News website, 'İçtaş-Astaldi win third Bosphorus bridge bid,' http://www.hurriyetdailynews.com/ictas-astaldi-win-third-bosphorus-bridge-bid.aspx?pageID=238&nid=21881, 30 May 2012.
19. Price Waterhouse Coopers website, 'Economic forecasts,' http://www.pwc.co.uk/economic-services/global-economy-watch/gew-projections.jhtml.