Erdemir to invest $1.1 billion in environmental transformation of production in 2024

Turkish steel company Erdemir, part of the OYAK Mining Metallurgy Group, has announced that it will complete 2024 with $1.1 billion in investment spending as part of a broad $3.2 billion environmental transformation program that will last until the end of 2030. This is reported by SteelOrbis.

OYAK CEO Süleyman Savas Erdem noted that 2024 was a challenging year for the global steel industry due to slowing global demand and trade wars. However, the company continues to focus on maintaining production and jobs in 2025 by investing in green transformation projects. In the face of declining demand for steel in China, Erdemir aims to develop the Turkish steel industry with innovative solutions.

The key projects for 2024 include the introduction of hydrogen technologies at blast furnace No. 1 and the launch of a pilot pyrolysis plant with an annual capacity of 7 thousand tons of biochar, which replaces coal as a fuel. In early 2025, the company will launch a new coke oven battery with an annual capacity of 800 thousand tons.

Erdemir has ambitious environmental goals, including reducing carbon emissions per tonne of production by 25% by 2030 and 40% – by 2040. In the long term, the company aims to achieve zero emissions by 2050, according to its sustainable development plan.

As GMK Center reported earlier, Erdemir increased steel production by 32% year-on-year – to 6.6 million tons in January-September 2024. Steel production at the Ereğli plant amounted to 2.6 million tons (+29% y/y) and 4 million tons (+35% y/y) at the Iskenderun plant. Production of flat products increased by 6.8% y/y – to 5.2 million tons and long products by 73% y/y – to 727 thousand tons.