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【Ferro-alloys.com】:Turkish steelmaker Tosyali Holding AS plans to invest as much as $5 billion in a steel plant in Saudi Arabia, part of an expansion spree that includes Algeria, Angola, Senegal and Spain.

The company recently signed a memorandum of understanding with Saudi Arabia, chairman Fuat Tosyali said on the sidelines of the World Economic Forum in Davos on Tuesday. The comments come two weeks after the firm announced it bought Spain’s Baika Steel Tubular Systems SL for an undisclosed price.

“Our aim is to make the best quality steel from the best technology in a sustainable, efficient and carbon-neutral way,” Tosyali said.

As part of its plans to produce steel from green energy sources, the company aims to increase its solar output by more than 10 folds to 2,500 megawatts from 240 megawatts through a $1.5 billion investment, Tosyali said. There are also plans to buy a stake in a major hydrogen energy company to adapt that technology to steel plants, he added, without giving any details.

Tosyali’s green plan follows days after Erdemir Group, which owns Turkey’s two top steelmakers, announced a $3.2 billion plan to invest in greener production and curb carbon emissions.

Tosyali, which aims to raise its revenue to more than $7 billion this year from $5 billion in 2023, will increase its steel production capacity to 14 million tons a year as investments in Algeria and Turkey reach fruition, the chairman said.
 

• [Editor:Alakay]