Tosyali-SULB will build the world’s largest DRI plants, equipped with MIDREX Flexi DRI technology and having a total capacity of 8.1 million tons in Benghazi. The project aims to transform Libya into a world-class steel industry and one of the world’s leading bases for green steel production.
Jul 26, 2024
Tosyalı, a global producer of green steel, is strategically expanding its investments across three continents, from Europe to Africa and Asia. In line with this forward-thinking strategy, Tosyalı has signed an agreement with Libya United Steel Company for Iron and Steel Industry (SULB) to build the world’s largest DRI complex in Benghazi.
As per a release issued by Tosyalı, the global green steel producer has started a new world-class steel investment in Libya following its investments in Turkey, Algeria, Senegal, Angola and Spain.
Continuing its worldwide growth by expanding its investment geography to three continents, Tosyalı further expands its sphere of influence in the Mediterranean basin with Libya, which formerly entered with Algeria.
With the agreement, the two companies will establish a brand new company titled Tosyalı-SULB in Libya. The project includes a series of investments that will significantly contribute to the development of Libya’s industry, particularly the development of the iron & steel sector and employment.
As a part of the investment project, the world’s largest DRI plants, with a total capacity of 8.1 million tons, will be built. These plants will be equipped with MIDREX Flexi DRI technology, also utilized in Tosyalı Algérie. With this technology, the plant can operate using hydrogen, a clean energy source, making it one of the world’s leading bases for green steel production.
Investments will commence immediately for the first phase of the integrated iron and steel complex, which will have a capacity of 2.7 million tons. The plant will meet the hot bricket iron (HBI) needs of the nearby regions and Europe for green steel, while further enhancing Tosyalı’s position as global green steel producer. When this investment is completed, Tosyalı will become the largest supplier in the international marketplace in the supply of HBI, the primary intermediate product needed most in the green transformation process.
“We are excited to expand our investments in the Mediterranean coasts of Africa, a priority investment region we identified and committed to years ago with great foresight. By focusing on value-added steel based on local production, our regional investments create a positive economic, environmental and social impact by fostering value, employment, development and welfare in the countries we enter,” said Mr. Fuat Tosyalı, Chairman of Tosyalı Holding.
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“We will be very pleased to bring our expertise and capabilities in value-added steel production to Benghazi with this new complex, where we have completed the ground investigation and engineering works. The construction and assembly will start in the upcoming days. I firmly believe we will pioneer transforming the Libyan steel industry into an ecosystem that meets world steel industry needs by producing high-standard, high-quality green steel products with low carbon emissions, utilizing advanced technology, innovation, and R&D in the integrated facility we will establish. I hope this agreement will benefit both companies and our friendly & brotherly country, Libya,” he added.
“We are delighted and proud to make a crucial step towards Libya’s industrialization and the development of the steel industry by partnering with Tosyalı, a global steel producer and leader in green steel across three continents. This agreement will help both groups to make a big move forward and strengthen economic ties between Benghazi and Turkey even more. This investment will position Libya as a key player in global steel production and significantly impact green steel and decarbonization. I hope this major global investment will benefit both companies and Libya, following the rapid progress made in our partnership,” said Mr. Ahmed Gadalla, Chairman of Libya United Steel Company for Iron and Steel Industry (SULB).
