Turkey should join the green transformation – Fuat Tosyali

Turkey should leave a mark in the production of green steel, said Fuat Tosyalı, Chairman of the Board of Directors of Tosyalı Holding, one of Turkey’s largest steel and steel pipe producers, during the Green Steel Summit 2024 in Istanbul, Dunya reports.

He sees the European Green Deal as an opportunity to turn the transition to a green economy into an economic and industrial capability.

«The steel sector is a candidate to become the most important participant in this green transformation process,» Tosyalı said.

According to the Chairman of the Board of Directors of Tosyalı Holding, new energy sources are needed for industrial production, and hydrogen is obviously one of them.

«Turkey ranks high in global steel production. The steel sector is currently implementing investments and green transformations using its own resources. We are not an industry fueled by government subsidies like our European competitors. Our profit margins are low and it is not easy for us to make investments,» he said.

At the same time, the Chairman of the Board of Directors of Tosyalı Holding believes that all players in the steel industry can afford to make this change.

He also pointed out that the share of fossil fuels in global steel production is currently 75%, with coal being used intensively. However, Tosyalı Holding is switching to clean and renewable energy sources instead of relying on coal power,

«We have been making serious investments in solar energy for a long time. We are moving towards the goal of becoming one of the 20 largest steel companies in the world within 5 years. And we believe that we will achieve this through investments focused on sustainable development. Recognition as one of the world’s leading green steel producers will be the biggest reward for the company,» said Tosyalı.

As GMK Center reported earlier, Tosyalı Holding and AD Ports Group, a logistics company based in Abu Dhabi (UAE), signed a memorandum of understanding on cooperation in the field of delivery, logistics, ports and forwarding services. The agreement, in particular, provides for the possibility of joint investment in new port facilities to support Tosyalı’s export operations.