Table of Contents
Fuat Tosyali has put his money where his ambitions are. The chairman of Tosyali Holding, Türkiye's biggest steelmaker, announced a $2.5 billion investment program on Monday that stretches from Algeria's coast to iron ore country in Angola, with a clear target in mind: breaking into the world's top 20 steel producers.
The heart of the spend lands in Algeria. Tosyali is adding 3 million tons of capacity at its existing complex there, a move that will double daily output from 50,000 to 100,000 tons within 30 months. Once the new lines come on, Tosyali Algerie is set to hit 9.5 million tons in annual capacity and operate as a fully integrated hub across every steel segment.
A chunk of that Algerian capacity targets the auto industry. Out of 1.6 million tons of flat steel, 700,000 tons will go to automotive-grade production, with shipments starting in the third quarter. That end of the market pays a premium but demands tighter surface quality tolerances and longer contracts.
The African push does not stop at Algeria. In Libya, Tosyali has started work on an 8.1 million-ton direct reduced iron plant that should rank among the largest in the world and serve as a base for green steel. In Angola, the company is preparing to tap iron ore reserves estimated at 2 billion tons, with a production goal of 10 million tons a year. Ore from those fields will feed furnaces elsewhere in the group, cutting reliance on third-party miners.
Europe is also in play. Tosyali said deals could come together late in the year, a possibility he ties to regulatory shifts that are reshuffling asset prices across the continent. He cited the group's Spanish acquisition, where output climbed 13-fold after Tosyali took over, as a template.
The numbers behind the expansion are already heavy. Tosyali Holding runs roughly 50 facilities across three continents and employs about 15,000 people. In 2024, it jumped to 46th in global rankings, lifted production 54.3 percent and landed among the three fastest-growing steel producers worldwide. Revenue should top $10 billion this year.
He is not shy about the politics either. Tosyali argued that Türkiye does not need new foreign-led capacity and that Ankara should weigh tariff walls like those in Washington and Brussels to stem cheap Asian imports. Türkiye overtook Germany with 38.1 million tons of steel production in 2025.
The intelligence satisfies curiosity. The paid briefings satisfy strategy.
Every Monday, Elite subscribers receive an Investor Memo breaking down the deal, the structure and the positioning behind the week's most consequential African wealth story - the kind of analysis that doesn't appear anywhere else.
Twice a month, a Wealth Intelligence brief profiles a single billionaire's holdings, cash flows and expansion pipeline in detail no public source matches.
→ Executive ($25/mo): Daily newsletter + Deep-Dive Reports
→ Elite ($75/mo): Everything above + Investor Memos + Wealth Intelligence + Quarterly Analyst Briefings
Subscribe now