As part of its global growth strategy, Tosyali Holding AS, headquartered in Turkey, has inked a preliminary agreement with the Kingdom of Saudi Arabia to channel nearly $5 billion into the establishment of a new steel manufacturing facility. This information was disclosed by the company’s chairman, Fuat Tosyali.
This move is not isolated, as the firm is looking to broaden its reach, with projects underway in various countries including Algeria, Angola, Senegal, and Spain.
Details regarding the specifics of the Saudi Arabian venture were not immediately provided.
Fuat Tosyali expressed the company’s ambitions on the fringes of the World Economic Forum in Davos, stating, Our aim is to make the best quality steel from the best technology in a sustainable, efficient and carbon-neutral way.
In tandem with its steel production, Tosyali Holding is also escalating its commitment to renewable energy. The company has plans to augment its solar energy capacity to 2,500 megawatts (MW) from the current 240 MW, which will involve an investment of $1.5 billion.
As these strategic investments in both Algeria and Turkey come to fruition, Tosyali Holding anticipates a significant uplift in its steel production capabilities, targeting an annual output of 14 million tonnes.