Turkish Tosçelik plans to increase its share in the green steel market

Turkish steelmaker Tosçelik, a subsidiary of Tosyali Holding, plans to expand its presence in the global clean steel market. This was announced by Sherif Tosyali, a member of the Tosçelik Board, SteelOrbis reports.

According to him, the company currently exports products to almost 100 countries and aims to further increase its share in the market of environmentally friendly steel products with high added value.

«Thanks to the investments we have made to date, Tosçelik has become the lowest carbon producer in Europe,» Tosçeli added.

The company will continue to focus on the US, EU, North Africa and neighboring regions, expanding its export network in 2024.

As GMK Center reported earlier, in 2023, Türkiye decreased steel production by 4% compared to 2022 – to 33.7 million tons, and in 2022 – by 12.9% y/y, to 35.1 million tons. The decline in steel production in Türkiye in 2022-2023 is due to macroeconomic instability, which has led to high uncertainty in the domestic market.

In 2023, steel exports from the country decreased by 30.6% y/y to 10.5 million tons. Export revenue decreased by 40.7% y/y to $8.3 billion. In 2022, steel exports from Türkiye decreased by 23.5% y/y to 15.1 million tons.

Analysts expect an improvement in the Turkish steel market this year, driven by global growth in steel demand, lower interest rates globally, etc. In its report for October 2023, the Worldsteel Association forecasts a 5% increase in steel consumption in Türkiye in 2024 – to 40.6 million tons.