Turkiye’s Tosyali Holding AS to Invest $5 Billion in Steel Plant in Saudi Arabia

Specifications:

Name:

Turkiye’s Tosyali Holding AS to Invest $5 Billion in Steel Plant in Saudi Arabia

Location:

Saudi Arabia

Company:

Tosyali Holding AS

Estimated Cost:

$5 Billion

Source:

www.bloomberg.com

Introduction:

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.

Features:

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.