Speaking to Ihlas News Agency, Veysel Yayan, chairman of the Ferrous and Non-Ferrous Metals Assembly of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), evaluated the current state of the Turkish steel industry and the problems it faces.
Noting that Turkey’s steel production amounted to 30.5 million mt in the January-November period last year, Mr. Yayan stated that the figure will be approximately 33.5 million mt for the whole year, with a decrease of 4.8 percent compared to 2022. Stating that this reduction was due to the Turkish steel industry’s decreasing competitiveness resulting from the extraordinary increases in energy prices and the earthquakes which occurred in February last year, Yayan said that new steel plants started operations and that energy prices had now decreased to reasonable levels.
In addition, the TOBB chairman said that the safeguard measure imposed on wire rod imports can enable both the full use of capacities in the country and the increase of export opportunities, and stated that this will contribute, not only to closing the current account deficit, but also to creating added value and providing additional employment in the country. Saying that he hopes that the Turkish steel industry will regain its position as Europe’s largest steel producer with the steps to be taken in 2024 and becoming even stronger in 2025, Yayan stated that the long-term goal is to catch up with South Korea and rank sixth in terms of world steel production.