Tosyali Holding

Tosyal? Sulb Started the Investment of the World’s Largest DRI Complex in Benghazi, Libya

EQS-Media / 19.07.2024 / 14:23 CET/CEST

Tosyal?, a global producer of green steel, is strategically expanding its investments across three continents, from Europe to Africa and Asia. In line with this forward-thinking strategy, Tosyal? and Libya United Steel Company for Iron and Steel Industry (SULB) have signed an agreement to build the world's largest DRI complex in Benghazi, Libya. Benghazi - Tosyal?, a global green steel producer, has started a new world-class steel investment in Benghazi / Libya following its investments in Turkey, Algeria, Senegal, Angola, and Spain. Continuing its worldwide growth by expanding its investment geography to three continents, Tosyal? further expands its sphere of influence in the Mediterranean basin with Benghazi / Libya, which formerly entered with Algeria. Making statements after the ceremony, The Chairman of Tosyal? Holding, Fuat Tosyal?, said, "We are excited to expand our investments in the Mediterranean coasts of Africa, a priority investment region we identified and committed to years ago with great foresight. By focusing on value-added steel based on local production, our regional investments create a positive economic, environmental, and social impact by fostering value, employment, development, and welfare in the countries we enter. We will be very pleased to bring our expertise and capabilities in value - added steel production to Benghazi / Libya with this new complex where we have completed the ground investigation and engineering works, and where construction and assembly will start in the upcoming days. I firmly believe we will pioneer transforming the Libyan steel industry into an ecosystem that meets world steel industry needs by producing high-standard, high-quality green steel products with low carbon emissions, utilizing advanced technology, innovation, and R&D in the integrated facility we will establish. I hope this agreement will benefit both companies and our friendly and brotherly country, Benghazi / Libya." Sharing his feelings and thoughts after the ceremony, Ahmed Gadalla, Chairman of Libya United Steel Company for Iron and Steel Industry (SULB), said, "We are delighted and proud to make a crucial step towards Benghazi / Libya's industrialization and the development of the steel industry by partnering with Tosyal?, a global steel producer and leader in green steel across three continents. This agreement will help both groups to make a big move forward and strengthen economic ties between Benghazi / Libya and Turkey even more. This investment will position Benghazi / Libya as a key player in global steel production and significantly impact green steel and decarbonization. I hope this major global investment will benefit both companies and Benghazi / Libya, following the rapid progress made in our partnership.” The world’s largest DRI facilities, with a total capacity of 8.1 million tons With the agreement, the two companies established a brand new company titled Tosyal?-SULB in Benghazi / Libya. The project to be realized by Tosyal? SULB includes a series of significant investments that will significantly contribute to the development of Benghazi /Libya's industry, particularly the development of the iron and steel sector and employment. As a part of the investment project, the world's largest DRI plants, with a total capacity of 8.1 million tons, will be built. These plants will be equipped with MIDREX Flexi DRI technology, also utilized in Tosyal? Algérie. With this technology, the plant can operate using hydrogen, a clean energy source, making it one of the world's leading bases for green steel production. Investments will commence immediately for the first phase of the integrated iron and steel complex, which will have a capacity of 2.7 million tons. The plant will supply the HBI (hot bricket iron) needs of the nearby region and Europe for green steel while further enhancing Tosyal?'s global green steel producer position. When this investment is completed, Tosyal? will become the largest supplier in the international marketplace in the supply of HBI (Hot Bricket Iron), the primary intermediate product needed most in the green transformation process. Contact: Dogukan Unal [e-mail] International Relations Director

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Issuer: Tosyali Holding
Key word(s): Industry

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