Tosyalı, a global green steel producer, has initiated a new world-class steel investment in Benghazi, Libya, following its previous investments in Turkey, Algeria, Senegal, Angola, and Spain. By expanding its investment geography across three continents, Tosyalı is further extending its influence in the Mediterranean basin, having already established a presence in Algeria.
Fuat Tosyalı, chairman of Tosyalı Holding, expressed enthusiasm: "We are thrilled to expand our investments along the Mediterranean coasts of Africa, a priority region we identified and committed to years ago with great foresight. Our focus on value-added steel through local production creates positive economic, environmental, and social impacts, fostering value, employment, development, and welfare in the countries we invest in."
"We are eager to bring our expertise in value-added steel production to Benghazi with this new complex, where we have completed ground investigation and engineering works, and construction and assembly will commence shortly. I am confident we will lead the transformation of the Libyan steel industry into an ecosystem that meets global needs by producing high-standard, high-quality green steel with low carbon emissions, utilizing advanced technology, innovation, and R&D in the integrated facility we will establish. I hope this agreement benefits both companies and our friendly and brotherly country, Libya."
Ahmed Gadalla, chairman of Libya United Steel Company for Iron and Steel Industry (SULB), shared his sentiments after the ceremony: "We are delighted and proud to take a crucial step towards Benghazi/Libya's industrialization and the development of the steel industry by partnering with Tosyalı, a global leader in green steel across three continents. This agreement will strengthen economic ties between Benghazi/Libya and Turkey and position Benghazi/Libya as a key player in global steel production, significantly impacting green steel and decarbonization. We hope this major global investment benefits both companies and Benghazi, following the rapid progress in our partnership."
With the agreement, Tosyalı and SULB established a new company, Tosyalı-SULB, in Benghazi. The project includes significant investments that will contribute to Libya's industrial development, particularly in the iron and steel sector and employment. The world's largest DRI plants, with a total capacity of 8.1 million tonnes, will be built using MIDREX Flexi DRI technology, also utilized in Tosyalı Algérie. This technology allows the plant to operate using hydrogen, a clean energy source, positioning it as a leading base for green steel production. Investments for the first phase of the integrated iron and steel complex, with a capacity of 2.7 million tonnes, will start immediately. The plant will supply the HBI needs of the nearby region and Europe for green steel, further enhancing Tosyalı's position as a global green steel producer. Upon completion, Tosyalı will become the largest supplier of HBI in the international marketplace, a primary intermediate product needed for the green transformation process.
