Tosyalı to invest in two more countries in Africa

Friday, 12 April 2019 17:25:12 (GMT+3)   |   Istanbul
       

In an interview with Forbes magazine, Fuat Tosyalı, chairman of the executive board of Turkish steel producer Tosyalı Holding said that they will be investing in two more countries in Africa, other than Senegal and Algeria. While not disclosing the name of the two countries in question, Mr. Tosyalı said that they are able to send their products from their Iskenderun facilities in Turkey to the east of Africa through the Suez Canal and that they are also able to send products fron Oran, Algeria to both Europe and the west of Africa through Strait of Gibraltar. Now Tosyalı will add two more countries to its base in Africa.

Mr. Tosyalı stated that the third phase investment at Tosyalı Algerie has been completed and tjat the investment for the fourth phase including two modules, each worth $2 billion, has started. Tosyalı has invested a total of $3 billion in the region so far.

When all the five stages are completed in Tosyalı Algerie, the total investment will amount to $6 billion, production capacity will reach 8 million mt and total turnover will reach $5 billion.


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