Turkey-based Erdemir, a part of OYAK Mining Metallurgy Group, has announced that it will close 2024 with an investment expenditure of $1.1 billion within the scope of its $3.2 billion transformation investment plans for the period up to the end of 2030.
“2024 was a difficult year for the whole world. The pressure on global growth continues. In this period when global demand slows down and trade wars escalate, uncertainties about 2025 prevail. Global developments, especially in steel production, define the balance. The decrease in China’s steel demand leads to cautious expectations towards the global steel industry for 2025. Despite the uncertainties, we aim to maintain employment and production in 2025, to continue our future investments with innovative solutions, and to contribute to the Turkish steel industry by continuing our green transformation journey,” Süleyman Savaş Erdem, general manager of OYAK, said.
Among the producer’s investments this year are the hydrogen injection into the blast furnace No. 1 and the pilot pyrolysis plant with an annual biochar production capacity of 7,000 mt, which was commissioned with the aim of producing fuel from biomass as an alternative to coal. The company will commission the fourth coke battery with an annual capacity of 800,000 mt at the beginning of 2025.
Erdemir aims to reduce carbon emissions per ton by 25 percent by the end of 2030 and by 40 percent by 2040 and to reach net zero emissions in 2050 within the scope of the net zero road map.