Turkey-based flat rolled steel and steel pipe producer
Tosyali Holding has announced that it has broke ground for the
production facilities located in Osmaniye of
Tosyalı Toyo Çelik A.S., its joint venture with Japanese company Toyo Kohan. The groundbreaking ceremony was attended by the Turkish prime minister Ahmet Davutoglu. The new
production facility to produce high technology and high value-added flat rolled steel will come into operation in late 2017 and provide innovation for food and packaging industries.
"Together with
Tosyalı Toyo Çelik A.S, we aim to save
Turkey from dependency on foreign sources in high technology steel products. Our new investment will locally meet the country's needs which are currently supplied through imports, thus contributing to reduction of the current account deficit. We are planning to substitute $500 million of imports and gain $300 million in export revenue," said
Tosyalı Holding chairman Fuat
Tosyali.
Mr.
Tosyali went on to say that the company's
production guidance for 2017 stands at 6 million mt, aiming for 10 million mt in 2020. He said that the company also targets exports of $1.5 billion in parallel with
Turkey's 2023 guidance.
Tosyalı and Toyo Kohan had signed their joint venture agreement in February 2012.