Turkey’s Tosyali signs $5 billion deal for steel plant in Saudi Arabia, eyes expansion across Africa and Europe

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Turkish industrial conglomerate Tosyali Holding has inked a monumental deal to construct a $5 billion steel plant in Saudi Arabia, as revealed by the company’s chairman, Fuat Tosyali, during an interview with Bloomberg at the World Economic Forum in Davos, Switzerland.

This significant agreement marks a strategic move for Tosyali Holding, aligning with its ambitious expansion plans that encompass Algeria, Angola, Senegal, and Spain. The memorandum of understanding underscores the company’s commitment to expanding its global footprint and tapping into lucrative markets.

The expansion initiative forms a pivotal part of Tosyali Holding’s overarching objective of elevating its revenue to surpass the $7 billion mark in the current fiscal year, building upon the $5 billion revenue milestone achieved in 2023. Fuat Tosyali emphasized the company’s dedication to producing top-quality steel using cutting-edge technology while prioritizing sustainability, efficiency, and carbon neutrality.

In a bid to bolster its renewable energy portfolio, Tosyali Holding aims to ramp up its solar power output by more than 10-fold, increasing it from 240 megawatts to an impressive 2,500 megawatts. This ambitious endeavor will be fueled by a substantial $1.5 billion investment, reflecting the company’s commitment to embracing sustainable energy solutions.

Furthermore, Tosyali Holding is poised to venture into the burgeoning realm of hydrogen energy by acquiring a stake in a prominent hydrogen energy company. This strategic move underscores the company’s forward-looking approach as it seeks to integrate innovative technologies into its steel production processes, aligning with global efforts to transition to cleaner energy sources.

The $5 billion steel plant project in Saudi Arabia stands as a testament to Tosyali Holding’s stature as a leading player in the global steel industry. With its unwavering commitment to innovation, sustainability, and expansion, the company is poised to make significant strides in the international market while contributing to the evolution of the steel sector towards a more sustainable future.

(Source: Arab News | Investment Monitor | Zawya | Bloomberg)

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