In a strategic expansion, Tosyali Holding, a Turkish conglomerate, has announced plans to establish a steel production facility in Saudi Arabia, with an estimated investment of $5 billion. The company’s chairman made this public while speaking with Bloomberg at the World Economic Forum held in Davos, Switzerland.
The project is part of the company’s broader international growth strategy, which includes developments in Algeria, Angola, Senegal, and Spain. This expansion is forecasted to increase Tosyali Holding’s annual revenue to over $7 billion from the $5 billion recorded in 2023.
Tosyali Holding strives to combine cutting-edge technology with sustainability to produce high-quality, carbon-neutral steel. The chairman emphasized the firm’s commitment to this vision.
Further underlining their dedication to green energy, Tosyali Holding is set to amplify its solar energy capacity to 2,500 megawatts, a significant rise from the current 240 MW, through an investment of $1.5 billion.
Additionally, the company is exploring a venture into the hydrogen energy sector by acquiring a portion of a leading hydrogen energy enterprise. This move aims to integrate hydrogen technology within their steel manufacturing processes.
With investments in Algeria and Turkey progressing, the chairman outlined an ambitious target to increase the company’s steel production capacity to 14 million tons annually.
These revelations follow shortly after Tosyali Holding’s recent acquisition of Spain’s Baika Steel Tubular Systems SL, for which the financial details remain confidential.
Tosyali Holding’s push towards environmentally conscious manufacturing comes in the wake of similar initiatives by other industry players, such as Erdemir Group’s recent announcement of a $3.2 billion investment plan geared towards cleaner production methods and reducing carbon emissions in their operations.