BENGHAZI, LIBYA – In a groundbreaking move, Tosyalı, a prominent global green steel producer, has partnered with Libya United Steel Company for Iron and Steel Industry (SULB) to establish the world’s largest Direct Reduced Iron (DRI) complex in Benghazi, Libya. This venture marks a critical addition to Tosyalı’s investments, which span Europe, Africa, and Asia.
Announced on July 19th, 2024, this ambitious project underscores Tosyalı’s commitment to expanding its reach in the Mediterranean basin, following its successful ventures in Turkey, Algeria, Senegal, Angola, and Spain. The new DRI complex in Benghazi is set to significantly impact the local economy by focusing on green, value-added steel production.
Fuat Tosyalı, Chairman of Tosyalı Holding, shared his excitement about the project, stating, “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 elaborated, “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 optimism, 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 new entity, Tosyalı-SULB, established in Benghazi, will oversee the construction of the world’s largest DRI facilities, with a total capacity of 8.1 million tonnes. These plants will use MIDREX Flexi DRI technology, which allows operations with hydrogen, reinforcing Tosyalı’s leadership in green steel production.
The initial phase of the project will commence immediately, featuring an integrated iron and steel complex with a capacity of 2.7 million tonnes. This facility will supply Hot Briquetted Iron (HBI) to regional and European markets, enhancing Tosyalı’s position as a global green steel producer. Upon completion, Tosyalı will become the largest supplier of HBI, a crucial element in the green transformation of the steel industry.
This major investment is anticipated to drive industrial development, generate significant employment, and solidify Libya’s role in the global steel market, offering extensive benefits to the local and regional economy.
