Turkish Steel Giant Eyes $5 Billion Investment in Saudi Arabia
A Tosyali Holding AG steel plant in Algeria.
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Turkish steelmaker Tosyali Holding AS plans to invest as much as $5 billion in a steel plant in Saudi Arabia, part of an expansion spree that includes Algeria, Angola, Senegal and Spain.
The company recently signed a memorandum of understanding with Saudi Arabia, chairman Fuat Tosyali said on the sidelines of the World Economic Forum in Davos on Tuesday. The comments come two weeks after the firm announced it bought Spain’s Baika Steel Tubular Systems SL for an undisclosed price.