News Room - Steel Industry

Posted on 23 Apr 2024

Tosyali eyes Libya steel plant investment: source

Turkish conglomerate Tosyali is planning to invest in an integrated steel plant in Libya with a local partner, Kallanish learns.

During a meeting last week with selected guests, company chairman Fuat Tosyali said the Turkish firm is close to signing an agreement for the Libya plant, which will be a similar setup to its existing steelworks in Algeria, an informed source says.

Tosyali has invested in renewable energy sources and, with a partner, in the hydrogen business in Turkey. The company has already launched the V-Green brand to highlight its low carbon emissions and will sell its products under the new brand.

"Tosyali is preparing very decisively for the CBAM [carbon border adjustment] in Europe before 2026,” the source says.

Tosyali’s spokespeople confirmed the company intends to invest in Libya but did not respond to request for further comment by Monday deadline.

The Turkish steelmaker previously signed a memorandum of understanding with the Senegalese government to establish an integrated steelworks in the African country (see Kallanish passim). In 2022, Fuat Tosyalı mentioned the steel plant in Senegal will cost nearly $200 million and produce rebar and wire rod with an annual capacity of 750,000 tonnes.

Earlier this year, Tosyalı signed a non-binding memorandum of understanding with the National Industrial Development Centre (NIDC) in Saudi Arabia to develop a flat steelmaking investment on the country's east coast, in the Ras Al Khair industrial zone. 

The Turkish steel group recently acquired Spanish SAW steel tube manufacturer Baika Steel Tubular System (STS). It thereby increased its global pipe production capacity to more than 3 million tonnes/year and strengthened its largest steel pipe producer position in Europe.

“The company has an ambitious target to be among the top 20 steel producers in the world in five years," the source notes.

Source:Kallanish