Turkish steel conglomerate Tosyalı has made a significant move by signing an agreement with the Libya United Steel Company for the Iron and Steel Industry (SULB) to establish a Direct Reduced Iron (DRI) plant in the city of Benghazi. This partnership marks a new chapter for Tosyalı as it expands its global reach into North Africa.
The new company, Tosyalı-SULB, established in Benghazi, will house DRI plants with a total capacity of 8.1 million tons, utilizing clean energy sources such as hydrogen. This integrated iron-steel plant, set to be built in three phases, aims to meet the green steel demands of the region and beyond, particularly in Europe.
Fuat Tosyalı, the chairperson of the board of directors of Tosyalı Holding, highlighted the company’s commitment to creating positive impacts in the countries where they invest. With plans to invest $1.5 billion-$2 billion annually in a global expansion drive, Tosyalı is set to lead the way in high-quality green steel production.
SULB Chairperson of the Board of Directors, Ahmed Gadalla, expressed optimism about the agreement, emphasizing its importance in the industrialization of Benghazi and the growth of the steel sector. This partnership not only signifies economic cooperation between Libya and Turkey but also positions Benghazi as a key player in the world steel production market, focusing on green steel and decarbonization.
With ground surveys and engineering studies completed, Tosyalı is gearing up to commence construction and assembly of the DRI plant in the coming days, further solidifying its position as a leader in the global steel industry.
