Turkey’s Tosyalı expands investments in Europe and Africa

Turkey’s Tosyalı Holding, one of the world’s leading steel producers, is expanding its investments in Europe and Africa. This was announced on the sidelines of the World Economic Forum in Davos by the company’s Chairman of the Board Fuat Tosyali, Sözcü Gazetes reports.

Fuat Tosyali noted that for 30 years the company has been increasing its investments in Africa with increasing dynamics.

“The main rule of sustainable development is energy first, and then the market. There are 52 countries in Africa, some of which dominate the energy sector and some of which dominate natural resources. We are steel producers, and the issue we are concerned about is to ensure sustainability,” he said.

In addition, the holding’s CEO added that Tosyalı is the strongest steel producer in the Mediterranean basin.

“We have investments in Iskenderun in Turkey, we have investments that we plan to start in Algeria and Libya. We are making sustainable investments in Senegal and Angola. Globalization now provides great advantages in the process of transition to localization,” he explained.

Mr. Tosyali said that the company is negotiating a new acquisition in Europe.

“We have a chance to turn the raw materials we produce in Turkey and Algeria into a final product in Europe. Our steel production capacity has reached a level where we need new investments to deliver it to the end customer. This acquisition will be a major investment in Europe, which could reach approximately $500 million,” said the Chairman of the Board of Tosyalı Holding.

In early 2024, the Turkish company acquired the Spanish steel pipe manufacturer Baika Steel Tubular System (STS) to strengthen its position in Europe and increase its global pipe production capacity.

Tosyali said that the company is increasing its investments in Africa and, in addition to investing in Algeria, is gradually launching a direct reduced iron project in Libya. He also added that Tosyal Holding aims to be among the 20 largest steel producers in the world in 5 years, not based on a single product but creating a value chain from mine to end product.

At the end of last year, it was reported that Tosyal Holding had increased its steelmaking capacity to 15 million tons per year. The growth was made possible by investments in Turkey and abroad, including the acquisition of the Bastuğ Metalurji steel plant. In Turkey, annual steel production at the company’s facilities is estimated at 8 million tons.