Turkish Steel Giant to Invest in Flat Steel Complex in Saudi Arabia

SEATTLE (Scrap Monster): Turkey-headquartered steel giant Tosyali Holding announced that it has signed a memorandum of understanding (MoU) with the National Industrial Development Center of Saudi Arabia to invest approximately $5 billion to build a flat steel plant in the country. The agreement marks the commencement of a strategic partnership between the two parties.

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According to news release, the state-of-the-art flat rolled steel production complex will be built in Ras Al Khair industrial zone. The steel complex will not only help the region to meet its steel needs, but also positions Tosyali as a crucial player in the global steel market. The upcoming complex will roll out high-quality steel products for various industries including automotive, food packaging as well as machinery and energy sectors.

The investment is part of the company’s previously announced strategy to expand its footprints in the region. Coupled with this, the proposed investments in Algeria and Turkey are likely to boost Tosyali’s total steel production capacity to around 145 million tonnes per year.

The complex will contribute immensely to the economic landscape of Saudi Arabia. In addition to catering to the rising needs of local market, it will play a key role in enhancing the company’s global steel export capabilities.