Turkish steel producer Tosyalı Holding has joined forces with Angola-based oil company Sonangol to integrate the latter into its subsidiary Tosyali Iron & Steel Angola SA to stimulate its strategic mining and steel project in Angola, according to a statement released by the Ministry of Mineral Resources, Oil and Gas of Angola.
“With the entry of Sonangol into the new corporate structure, the Cassinga iron and steel project will gain new momentum,” Fuat Tosyalı, president of Tosyalı Holding, stated commenting on the deal.
Within the scope of the partnership, the Cassinga project will revive the Jamba Mineira iron ore mines. Moreover, a new steel mill will be constructed at the Sacomar Mineral Terminal in Moçâmedes, which will use iron ore from the mines.
The Tosyalı-Angola project, which is expected to be operational in mid-2027, will allow the country to diversify its economy and to supply one of the most important commodities to both domestic and international markets, increasing revenues and creating jobs.
