Riyadh, Saudi Arabia – Turkish-based Tosyali Holding is making nearly $5 billion investment in a new steel plant in Saudi Arabia, Bloomberg reported.
The investment is part of Tosyali Holding’s broader expansion strategy, which encompasses ventures in Algeria, Angola, Senegal, and Spain.
“Our aim is to make the best quality steel from the best technology in a sustainable, efficient and carbon-neutral way,” Bloomberg quoted Tosyali as saying on the sidelines of the World Economic Forum in Davos.
Details regarding the Saudi deal have not been disclosed yet.
In line with their renewable energy efforts, Tosyali Holding plans to boost its solar output from the current 240 megawatts to 2,500 megawatts. This increase, amounting to a $1.5 billion investment, reflects the company’s dedication to sustainable practices.
Tosyali Holding aims to ramp up its steel production capacity to 14 million tonnes annually. The growth is expected to materialize as investments in both Algeria and Turkey come to fruition, according to Chairman Fuat Tosyali.
