Türkiye’s largest steelmaker, Tosyali Holding, has decided to invest around $1 billion in solar energy investments to support green steel production, the company’s chairman, Fuat Tosyali, said, according to Türkiye today.
At the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland, Tosyali said that 70% of the world’s Steel Industry is based on fossil fuels.
“Steel firms worldwide produce 2 billion tons of steel annually, and considering that 70% of it is produced via coal-based energy, it affects global warming tremendously, and although we have the EU’s Carbon Border Adjustment Mechanism (CBAM) and the Paris Agreement, fossil-based fuels are expected to be still in use for energy production, but the use of renewable energy will increase day by day,” he said.
The company also highlighted that they are of the companies with the lowest carbon emissions in steel production world wide and is seeking to increase the renewable energy usage in steel industry.
Closer to Green
They currently have 235 megawatts of solar energy capacity and have plans to add 1.2 gigawatts more, investing in eight different cities in Türkiye, next year according to Fuat Tosyali.
“We will add 1.2 gigawatts more with investments in eight different cities in Türkiye in the next year and a half with a close to $1 billion investment, and we will be the only steel company to meet the renewable energy needs of steel production through self-sufficiency,” he said.
He said the firm is closer to green steel production than competitors worldwide, as Tosyali Holding’s steel production per ton only emits around 600 kilograms of carbon dioxide, significantly lower than the 2.5 tons emitted by its competitors. They plan to provide the green steel in the market under their V-Green brand.
Established in 1988, Tosyali Holding has become one of Türkiye’s leading companies in the steel industry and the largest company in Anatolia, with its investments in Europe and Africa.