Turkish steelmaker vows to cut Senegal’s import dependency
ISTANBUL - Anadolu Agency
Turkish steelmaker Tosyalı Holding will make an investment in Senegal to reduce the west African country’s dependency on steel imports, its chairperson said.
“Senegal is dependent on imports of rebar and steel, so we have decided to invest in the country at the invitation of the Senegalese authorities,” Fuat Tosyalı told Anadolu Agency.
Once completed, Tosyalı said the new investment would meet not only the steel needs of Senegal but also of the region.
“It will be the biggest industrial investment in Senegal,” he added.
He said Senegal’s interest in Tosyalı Holding stemmed from the company’s investment and production performance in every segment of the iron and steel sector.
He noted that the company and Senegal’s Mines and Geology Ministry signed a memorandum of understanding (MoU) during the second edition of the Turkey-Africa Economic and Business Forum on Oct. 10.
The company will lay the foundation for the new investment by the end of this year, Tosyalı said.
“We are not only focusing on Senegal. We have prepared a multistage investment plan that includes other influential countries in the region,” he added.
In the first stage, the company will be able to provide raw material from Turkey and Algeria, and build a facility in Senegal with the target of producing one million tons of rebar.
“This investment will enable Turkey to export semi-finished materials to another country and substitute imports in other countries,” Tosyalı said.
He added that investment in next stages would be improved parallel to production growth and the market in Senegal.
Tosyalı said the company already has a prominent steel facility in Algeria in terms of its size.
He noted that the company’s investment in Algeria has reached $3 billion.