https://arab.news/j46gw
RIYADH: A $5 billion steel plant is set for Saudi Arabia thanks to a new agreement signed by Turkish company Tosyali Holding, its chairman has revealed.
Speaking in an interview with Bloomberg on the sidelines of the World Economic Forum in Davos, Switzerland, Fuat Tosyali disclosed that the newly signed memorandum of understanding comes as part of an expansion spree that includes Algeria, Angola, Senegal, and Spain.
This move falls in line with the firm’s goal of raising its revenue to more than $7 billion this year from $5 billion in 2023.
“Our aim is to make the best quality steel from the best technology in a sustainable, efficient and carbon-neutral way,” Tosyali said.
The chairman highlighted that the company seeks to boost its solar output to 2,500 megawatts, up from 240 MW, through a $1.5 billion investment.
In addition, the firm also has plans to buy a stake in a major hydrogen energy company in an attempt to adapt that technology to steel plants, Tosyali added.
The chairman set out plans to propel the company’s steel production capacity to 14 million tons a year as investments in Algeria and Turkiye reach fruition.
The comments come two weeks after the firm announced it bought Spain’s Baika Steel Tubular Systems SL for an undisclosed price.
Additionally, Tosyali’s green plan follows days after Erdemir Group, which owns Turkiye’s two top steelmakers, announced a $3.2 billion plan to invest in greener production and curb carbon emissions.