Tosyali SULB Board Held First Meeting in London Regarding Advancements in Benghazi Steel Project
The Director of Tosyali SULB today held their first meeting in London. The gathering brings together representatives from both project partners to review the next stages of development for the planned Direct Reduced Iron (DRI) complex in Benghazi, which will become one of Libya’s largest industrial projects of the modern era.
The project is being developed through a partnership between Libya United Steel Company (SULB Libya) and Turkish steel producer Tusyali, with each company holding a 70% and 30% share respectively.
Ahmed Gadalla, Chairman of SULB Libya, joined the meeting as one of the project’s principal architects. Gadalla has built a network of some of the country’s most vital industrial projects, with this project representing the latest addition.
This complex, which will be housed at Ras Al Mangar just outside of Benghazi, is expected to become the largest DRI complex of its kind in the world. It is arguably the most significant industrial project currently under development in Libya.
The meeting itself saw board members discuss implementation plans, financing arrangements and other steps required to move the project forward. The issue of sustainability, and ensuring the project is delivered in a manner which reduces environmental impact and energy consumption, was one of the leading points on the agenda.
More broadly, Gadalla has highlighted the importance of long-term industrial investment in supporting Libya’s economic future. He emphasised how projects of this scale help strengthen local industries, encourage private sector participation and have a wider economic ‘ripple effect’.
As construction plans develop, a number of agreements are expected to be signed with contractors, suppliers and other companies that will ensure the current vision becomes a reality.
Although the project is still in its early stages, it is widely seen as a positive indicator of the health of Libya’s industrial sector.
Upon completion ,the Tosyali SULB complex will help increase local steel production, create new job opportunities and support economic activity in Benghazi and Libya as a whole. It will speak to Gadalla’s long-term effort to expand Libya’s industrial capabilities while creating opportunities for future economic growth.
Reference:
Tosyali Holding. "Tosyali SULB Steel Industries Joint Company." https://www.tosyaliholding.com.tr/en/our-scope-of-activity/group-companies/international-subsidiaries/tosyali-sulb-steel-industries-joint-company
