Turkey-based flat rolled steel and steel pipe producer Tosyali Holding has announced that it has completed investments at its joint venture with Japanese company Toyo Kohan, Tosyali Toyo Celik A.S., located in Osmaniye, Turkey.
Tosyalı Holding will produce packaging steel at Tosyali Toyo Celik, and thereby aims to save Turkey from dependency on foreign sources in these high technology steel products. Tosyali Holding chairman Fuat Tosyali stated that Tosyali Toyo Celik will locally meet Turkey’s needs which are currently supplied through imports, thus contributing to the reduction of Turkey’s current account deficit, while he added that the company plans to substitute $500 million of imports and gain $300 million in export revenues.
Mr. Tosyali also stated that Tosyali Holding has decided to invest in longitudinal submerged arc-welded (LSAW) pipe production, indicating that the new plant will have an annual capacity of 500,000 mt in the first phase.
Regarding its foreign investments, Tosyali Holding stated that it has accelerated the third phase construction works at its $1.3 million steel plant in Algeria and it is about to complete the modernization works at its plant in Montenegro. With its Algeria plant, Tosyali Holding will increase its overall steel production from 1.6 million mt to four million mt and it will also increase its daily rebar production from 3,500 mt to 12,000 mt.