Ankara/Istanbul – Turkish steel giant, Tosyali Holding, announced on Thursday plans to establish a joint venture with Angola’s state oil company, Sonangol, to construct an integrated iron and steel plant in the African nation.
The partnership will see Tosyali’s Angolan subsidiary revive iron ore mines in the Kassinga region and set up a steel facility in Mocamedes, a coastal city south of the capital, Luanda.
A high-level Angolan delegation, including the Minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, visited Tosyali’s Iskenderun plant in Turkey to solidify the deal.
This latest venture in Angola marks another significant step for Tosyali, which already has investments in Turkey, Algeria, Libya, Senegal, and Spain. The company aims to expand its African footprint and contribute to Angola’s economic diversification beyond the oil and gas sector.
By collaborating with Sonangol, Tosyali will integrate its existing iron ore mining operations in Kassinga with the new steel plant. The project, estimated to hold two billion tons of iron ore reserves, has the potential to produce ten million tons of iron ore annually in phases.
The steel plant, slated for completion in 2027, will encompass the entire production chain from mining to finished steel, creating a fully integrated industrial complex. Tosyali believes this project will stimulate Angola’s industrial growth and open doors for investments in other sectors.
Fuat Tosyalı, Chairman of Tosyali Holding, expressed enthusiasm about the partnership, emphasizing the company’s confidence in Angola’s economic future. He highlighted the project’s potential to benefit both Turkey and Angola.
