Sixth annual programme to recognise innovation in the workplace in 18 MENA nations
kt network2 days ago
Tosyalı, 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, Tosyalı further expands its sphere of influence in the Mediterranean basin with Benghazi, which formerly entered with Algeria.
Fuat Tosyalı, chairman of Tosyalı Holding, 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, utilising 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 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 industrialisation and the development of the steel industry by partnering with Tosyalı, 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 decarbonisation. I hope this major global investment will benefit both companies and Benghazi, following the rapid progress made in our partnership.”
The world’s largest DRI facilities
With the agreement, the two companies established a brand new company titled Tosyalı-SULB in Benghazi. The project to be realised by Tosyalı SULB includes a series of significant investments that will significantly contribute to the development of 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 tonnes, will be built. These plants will be equipped with MIDREX Flexi DRI technology, also utilised in Tosyalı 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 tonnes. The plant will supply the HBI (hot bricket iron) needs of the nearby region and Europe for green steel while further enhancing Tosyalı's global green steel producer position. When this investment is completed, Tosyalı 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.
Sixth annual programme to recognise innovation in the workplace in 18 MENA nations
kt network2 days ago
Th event will bring together the city’s most influential personalities, from trendsetters to visionaries, as they celebrate excellence and innovation across various sectors
kt network2 days ago
Bitget Wallet has become a leader in the industry with its "platform-style" approach, combining multiple blockchain networks
kt network2 days ago
The gathering was held in Taj Dubai under the patronage of Consulate General of India with the UAE India CEPA Council
kt network2 days ago
The achievement marks InsuranceMarket.ae as the first and only insurance platform to experience such a privilege, reinforcing its leadership in the industry
kt network2 days ago
The event will gather industry leaders, customers, and partners to uncover strategies to enhance data-driven insights and productivity
kt network2 days ago
Successful completion of International Observership programme honours 10 international medical professionals
kt network3 days ago