Turkey-based Tosyalı aims for $300 million in exports with new plant
Turkey-based flat rolled steel and steel pipe producer Tosyali Holding has announced that it has broke ground for the production facilities located in Osmaniye of Tosyalı Toyo Çelik A.S., its joint venture with Japanese company Toyo Kohan. The groundbreaking ceremony was attended by the Turkish prime minister Ahmet Davutoglu. The new production facility to produce high technology and high value-added flat rolled steel will come into operation in late 2017 and provide innovation for food and packaging industries.
“Together with Tosyalı Toyo Çelik A.S, we aim to save Turkey from dependency on foreign sources in high technology steel products. Our new investment will locally meet the country’s needs which are currently supplied through imports, thus contributing to reduction of the current account deficit. We are planning to substitute $500 million of imports and gain $300 million in export revenue,” said Tosyalı Holding chairman Fuat Tosyali.
Mr. Tosyali went on to say that the company’s production guidance for 2017 stands at 6 million mt, aiming for 10 million mt in 2020. He said that the company also targets exports of $1.5 billion in parallel with Turkey’s 2023 guidance.
Tosyalı and Toyo Kohan had signed their joint venture agreement in February 2012.