According to several Turkish business media sites on Thursday, a joint agreement was signed in Istanbul last Friday (11 July) to invest in an iron and steel factory (direct reduced iron (DRI) and hot cast iron (HBI) plants) in Benghazi between Turkey’s Tosyali International Company and (eastern) Libya’s United Libya Steel Company (SULB). ”
The agreement, the reports say, was prepared under the Libyan Investment Law and includes the establishment of a joint company for the iron and steel industry between the two parties.
Largest iron and steel production plant in the world
The report says this strategic partnership represents one of the most important giant industries in the Libya with a production capacity of 8.1 per annum, making it the largest iron and steel production plant in the world.
According to the reports, Tosyalı, a global steel producer, has investments in Turkey, Algeria, Senegal, Angola and Spain.
Tosyali Holding’s Chairman Fuat Tosyali was quoted by Turkish media saying ‘‘We are excited to expand our investments in Africa’s Mediterranean coast, which we have identified and invested in as a priority investment geography for years, and we have with Libya many successful companies in several different sectors’’.
