Turkey's Tosyali announces new investments

Wednesday, 19 January 2011 16:15:21 (GMT+3)   |  
       

Turkish steelmaking group Tosyali Holding has announced its new steel production projects, including a North African rebar plant investment.

Speaking at a press conference, Tosyali Holding chairman Fuat Tosyali said that the company will set up a new $500 million pipe production plant next to Tosyali subsidiary Toscelik's currently active sheet and pipe plant in the sourhern city of Osmaniye in Turkey. Work on the 1.25 million mt project commenced in the current month of January and is scheduled to be completed within 15 months. With the commissioning of the new pipe plant, Tosyali's pipe production capacity will reach two million mt.

Rebar investment in North Africa

Fuat Tosyali also announced a two million mt capacity structural steel and rail production plant project, again to be set up in Osmaniye, and a one million mt capacity North African rebar plant project, regarding which, however, he did not disclose further details.  

Through these investments, Toscelik targets a five million mt annual steel production capacity, up from its current capacity of two million mt.

Fuat Tosyali said that Tosyali Holding's new Osmaniye flat steel production has produced 1.25 million mt of steel in its first year, 25 percent above target, adding that they have therefore revised the plant's 2011 production target from 1.5 million mt to 1.65 million mt.

The Tosyali Holding chairman also pointed out that the group's 2010 steel output increased by 85 percent to 2.5 million mt, while its turnover for the year rose by 133 percent to $1.6 billion.


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