BENGHAZI, LIBYA – Tosyalı, a global leader in green steel production, has announced a landmark investment in partnership with Libya United Steel Company for Iron and Steel Industry (SULB) to construct the world’s largest Direct Reduced Iron (DRI) complex in Benghazi, Libya. This initiative is a key part of Tosyalı’s strategic expansion into Africa, adding to its significant investments in Europe and Asia.
On July 19th, 2024, Tosyalı revealed plans for the new DRI complex, which will expand the company’s presence in the Mediterranean basin, following its successful projects in Turkey, Algeria, Senegal, Angola, and Spain. This venture aims to drive local economic growth through sustainable steel production.
Fuat Tosyalı, Chairman of Tosyalı Holding, remarked, “We are excited to expand our investments on 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.”
He continued, “We will be very pleased to bring our expertise and capabilities in value-added steel production to Benghazi, Libya, with this new complex where we have completed the ground investigation and engineering works, and where 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, utilising advanced technology, innovation, and R&D in the integrated facility we will establish. I hope this agreement will benefit both companies and our friendly and brotherly country, Libya.”
Ahmed Gadalla, Chairman of SULB, expressed his satisfaction with the partnership, saying, “We are delighted and proud to make a crucial step towards Libya’s industrialisation 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 Libya and Turkey even more. This investment will position Libya as a key player in global steel production and significantly impact green steel and decarbonisation. I hope this major global investment will benefit both companies and Libya, following the rapid progress made in our partnership.”
The partnership has resulted in the formation of a new entity, Tosyalı-SULB, based in Benghazi. The project will see the construction of the world’s largest DRI facilities, boasting a combined capacity of 8.1 million tonnes. These facilities will feature MIDREX Flexi DRI technology, which enables operations using hydrogen, thus positioning the plant at the forefront of green steel production.
The initial phase of the investment, which starts immediately, will include an integrated iron and steel complex with a capacity of 2.7 million tonnes. This plant will supply Hot Briquetted Iron (HBI) to regional and European markets, further establishing Tosyalı’s dominance in the green steel industry. Upon completion, Tosyalı is set to become the largest supplier of HBI, essential for the green transformation in steel manufacturing.
This substantial investment is expected to stimulate industrial growth, create significant employment opportunities, and enhance Libya’s standing in the global steel industry, delivering extensive benefits to the local and regional economy.
