According to a Memorandum of Understanding signed between Tosyalı Holding and Saudi Arabia's National Industrial Development Center (NIDC), the investment will include an integrated steel production facility with a total capacity of 4.0 million ton/year of high value flat steel products. , consisting of DRI production compatible with hydrogen use, steel making and casting.

Global green steel producer Tosyalı, following its investments in Turkey, Algeria, Senegal, Angola, and most recently in Spain, is now preparing for a giant investment in Saudi Arabia.

Commenting on the agreement signed in Riyadh, Tosyalı Holding Chairman Fuat Tosyalı said:

"As Tosyalı, 10 years before the pandemic, we had predicted that globalisation would change at some point and glocalization would come to the fore. In this context, we started to make integrated facility investments in the strategic regions, and we have been closely following Saudi Arabia's efforts in line with its Vision 2030 goals for a long time. We believe that the iron and steel industry will play a strategic role in Saudi Arabia's efforts to diversify and strengthen its economy by focusing on sectors other than oil and natural gas. As a global green steel producer, with the help of our capability to establish & operate integrated production facilities, our knowhow in sustainability-oriented technology and our success in international collaborations, we will be honored to create value in Saudi Arabia."  

Within the scope of this investment, Tosyalı aims to realize 2 Flexi DRI investments with a capacity of 2.7 million tons in Saudi Arabia.

Flexi DRI (Midrex) technology, which provides low carbon emissions and energy savings, will be used in this investment. It will start with the use of natural gas and then transform to 100% hydrogen use. The company also plans to establish Hot Rolled Coil production facilities with a capacity of 4 million tons/year and Cold Rolled Coil production facilities with a capacity of 1.6 million tons/year. The project plans to produce Oil & Gas API including sour grades, automotive outer body and inner sheet, food packaging tinplate sheet, home appliance grades and electrical steel.

Tosyalı Holding has established a company in Riyadh under this agreement.

The planned integrated iron and steel plant, which focuses on flat steel, is expected to make a significant contribution to Saudi Arabia, as the Kingdom will need production of over 10 million tons, more than doubling the current demand in line with the Vision 2030 targets. Moreover, this investment will support the country's green transformation efforts in steel sector, while also increasing its value-added export potential.