Angola becomes another investment target of Tosyali Holding

Thursday, 07 November 2019 13:47:20 (GMT+3)   |   Istanbul
       

Tosyali Holding, one of the largest steel producing groups in Turkey and Algeria, aims to expand its presence in the African region.

According to media sources, the company was recently approved by the government of Angola as a major partner in a mining and steelmaking project which involves operations at Kassinga mine and a steel plant in Huila. The investment agreement states that the site will process 4.1 million mt of iron ore concentrate per year. The mine was operational for 15 years until it was idled in 1975. The construction of the steelmaking facility will begin in 2020, while the four phases of the project will take three years to complete, SteelOrbis has learned.

Angola is not the first of the African countries targeted by Tosyali Holding for investment. The company, which is already operating a fully integrated steel complex in Algeria, has previously stated its intention to establish long steel production in Senegal. Ethiopia was also mentioned as a potential country for its steel investment.


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