The National Development Agency Chairman Dr. Mahmoud Milad has announced a landmark investment in Libya’s industrial future with the launch of Tosyalı SULB’s world-class Direct Reduced Iron (DRI) complex in Benghazi.
Dr. Milad underscored the strategic importance of this project, highlighting its potential to position Libya at the forefront of industrial advancement. “We are racing against time to lead the industrial nations. With smart and ambitious young leadership, our nation is emerging from its crises and driving development towards a promising future,” he stated.
Tosyalı, a global leader in green steel production, has chosen Benghazi for its latest investment, following successful ventures in Turkey, Algeria, Senegal, Angola, and Spain. This expansion solidifies Tosyalı’s influence in the Mediterranean basin and marks a significant milestone in its global growth strategy.
Fuat Tosyalı, Chairman of Tosyalı Holding, expressed his excitement about the project: “Expanding our investments along the Mediterranean coasts of Africa has been a long-standing priority. By focusing on value-added steel based on local production, our regional investments will foster economic, environmental, and social benefits, creating value, employment, and development in Libya.”
The new complex in Benghazi, where ground investigation and engineering works are complete, will soon begin construction and assembly. This project aims to transform Libya’s steel industry by producing high-quality, low-carbon green steel products, leveraging advanced technology and innovation.
Ahmed Gadalla, Chairman of Libya United Steel Company for Iron and Steel Industry (SULB), remarked on the partnership: “This agreement is a crucial step towards industrializing Benghazi and developing Libya’s steel industry. Partnering with Tosyalı will position Benghazi as a key player in global steel production, significantly impacting green steel and decarbonization efforts.”
The Tosyalı-SULB joint venture in Benghazi includes building the world’s largest DRI plants with a total capacity of 8.1 million tonnes, utilizing MIDREX Flexi DRI technology. This technology allows for hydrogen usage, making the plant a leader in green steel production.
The first phase of the integrated iron and steel complex, with a capacity of 2.7 million tonnes, will commence immediately. This plant will supply the HBI (hot bricket iron) needs of the region and Europe, enhancing Tosyalı’s position as a global green steel producer. Upon completion, Tosyalı will be the largest supplier of HBI in the international market, critical for the green transformation process.
Dr. Milad concluded, “This strategic investment underscores our commitment to development and positions Libya as a pivotal player in the global industrial landscape.”