- Tosyali Holding AS, based in Turkey, is set to invest nearly $5 billion in a new steel plant in Saudi Arabia as part of its expansion strategy.
- The memorandum of understanding was signed to enhance steel production, with the Saudi deal being part of a broader plan covering Algeria, Angola, Senegal, and Spain.
- Chairman Fuat Tosyali emphasizes the commitment to sustainable and efficient steel production, aiming to increase the company’s solar output and overall steel production capacity to 2,500 megawatts and 14 million tonnes, respectively.
Turkey’s Tosyali Holding AS has inked a memorandum of understanding with Saudi Arabia, planning an investment of nearly $5 billion in a steel plant, according to media reports.
Fuat Tosyali, the chairman, shared insights on this expansion initiative, which also encompasses Algeria, Angola, Senegal, and Spain
Bloomberg reported that Tosyali expressed the company’s commitment to producing top-quality steel using advanced technology in a sustainable, efficient, and carbon-neutral manner.
Additionally, the firm aims to boost its solar output to 2,500 megawatts from 240 MW through a $1.5 billion investment in renewable energy.
The overall strategy includes increasing steel production capacity to 14 million tonnes annually, with ongoing investments in Algeria and Turkey.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.