During the World Economic Forum Annual Meetings held in Switzerland, Fuat Tosyalı, chairman of Turkish-based Tosyalı Holding, commented on the Turkish economy and global developments and called on the EU to lift steel import quotas applied to sustainably producing countries such as Turkey and Algeria, according to media reports.
Stating that the quota measures taken against imports from Asia, particularly China, are also being applied to upstream producing countries such as Turkey and Algeria, Mr. Tosyalı said that Turkey, with its capacity to produce low-emission steel products, can meet the needs of the EU’s downstream industries.
Criticism of EU strategy
Arguing that the EU has introduced new quotas and measures on steel imports for many countries and that these decisions are harming the EU steel industry, Mr. Tosyalı said that, if the EU aims to make its own steel industry sustainable, it should liberalize steel products from upstream producers such as Turkey and Algeria.
Highlighting Turkey’s strong performance in production and exports, Tosyalı noted that, despite global restrictions on steel production last year, Tosyalı Holding achieved record production and exports. He added that this success is expected to grow further in the coming period and that Tosyalı Holding will rise to higher positions in global rankings.
China’s dominance and global imbalance
Tosyalı stated that China accounts for around half of global steel production, and that this, combined with chronic overcapacity, subsidized excess supply and weak demand, is deepening imbalances in the steel industry. He noted that global excess capacity could reach up to 720 million mt by 2027.
