Oct 25, 2022
Fuat Tosyalı: European demand for Turkish steel may increase

According to a statement from the Mediterranean Ferrous and Non-Ferrous Metals/Steel Exporters’ Association (ADMIB), the Turkish iron and steel industry accounted for more than $28 billion of Turkey’s total exports worth $188 billion in the first nine months of this year. In the given period, the share of the ferrous and non-ferrous metals industry in Turkey’s total exports was 6.6 percent, while the share of the steel industry was 10.1 percent.

Noting that global supply and demand has decreased due to current conditions, including raw material supply shortages, high commodity and energy prices, and the economic effects of the war between Russia and Ukraine, Fuat Tosyalı, ADMIB president, stated that new opportunities may arise for Turkey as well as new risks, adding that the Turkish steel industry must be prepared. Pointing out that Europe may experience a supply shortage amid the energy crisis, Mr. Tosyalı said he expects a significant increase in the demand for Turkish steel products in the region.

Stating that Europe is struggling in the transition to green steelmaking due to the energy crisis, Tosyalı stated that Turkey has already started to take steps to adapt to the transition process. The ADMIB president said that, if the Turkish steel industry manages the risks that will arise in 2023 and beyond and makes the best of its possible opportunities, a success beyond its targets can be achieved.

Source: Steel Orbis