Fuat Tosyalı, chairman of the executive board of Turkey-based Tosyalı Holding, has stated that the company plans to invest an annual $1.5-2 billion for global expansion and increase its liquid steel production capacity to 20 million mt from 14 million mt within five years, as reported by Reuters. The company is focusing on Africa and Saudi Arabia for its expansion, while it is seeking potential acquisitions and partnerships in Europe and the US.
Indicating that Tosyalı Holding aims to invest around $5 billion in an integrated steel mill with an annual production capacity of 4 million mt in Saudi Arabia, Mr. Tosyalı stated that the company will also invest $200 million for a steel and rolling mill in Senegal. In addition, prioritizing green steel production, Tosyalı Holding may sign deals for hydrogen in Europe and the US soon.