The chairman of Turkish conglomerate Tosyalı Holding is highlighting trends such as steel overcapacity, consumption disparities, and the impacts of climate change, emphasising the importance of adapting to global economic shifts. 

Speaking on the sidelines of the World Economic Forum in Davos, Switzerland, Fuat Tosyalı discussed the company's expanding investments in Africa, focusing on sustainable energy and local markets. He describes ongoing projects in Turkey, Algeria and Libya aimed at strengthening Tosyalı's position as the leading steel producer in the Mediterranean, Kallanish understands.

"Because the main rule of sustainability is to have energy first, then the market," Tosyali tells Bloomberg HT. "We are steel producers. Africa has many underground mines. The issue that concerns us is sustainability. First of all, the energy needed in the process of transitioning from mine to steel, and being able to consume the product produced in the closest geography. We are the strongest steel producer in the Mediterranean basin. On the one hand, we have investments in Turkey, and on the other hand, we have investments planned in Algeria and now in Libya."

Noting an acquisition made in Spain last year, Tosyalı reveals plans to acquire a new asset in Europe worth approximately $500 million.

"Our steel production capacity has reached a point where we now need to make new investments that will deliver our products to the end consumer," he comments. "This purchase will be a major investment, potentially reaching approximately $500 million in Europe."

Tosyalı is also chairman of Turkey's electric car producer Togg's board of directors. He states that, after taking over Togg's management, the leadership decided to increase production rapidly and plan to double production this year compared with last.