Turkish conglomerate to build steel plant in Libya

Turkish steel conglomerate Tosyalı has signed an agreement with Libya United Steel Company (SULB) to build a steel plant in Benghazi, according to Turkey’s Anadolu Agency. The deal is the latest international investment by Tosyalı, a global green steel producer, which has recently expanded into Algeria, Senegal, Angola, and Spain. The agreement sets up a new company, Tosyalı-SULB, will operate a Direct Reduced Iron plant with a total capacity of 8.1 million tons using hydrogen as a clean energy source. The first phase of the project will have a capacity of 2.7 million tons.

The integrated iron-steel plant aims to meet the green steel needs of the region and Europe, supplying Hot Bricket Iron (HBI), crucial for green transformation. Tosyalı Holding plans to invest $1.5-$2 billion annually in its global expansion, including Africa, Saudi Arabia, Europe, and the Americas. SULB's chairperson, Ahmed Gadalla, heralded the deal as boosting Libya’s role in global green steel production and decarbonization.