Tosyali and SULB to Invest $2.5 Billion in Libyan Lower-Carbon Iron Plant

Turkish steelmaker Tosyali and Libyan partner SULB are set to invest $2.5 billion in a joint project to produce lower-carbon direct reduced iron (DRI) in Benghazi, Libya.

The project, which targets commercial production for early 2028, will use Midrex Flex technology that can initially operate on natural gas and later incorporate more hydrogen if available.

According to Ahmed Gadalla, chairman of the joint venture, the plant will produce about 8.1 million metric tons of DRI annually once completed, with the first phase producing around 2.7 million tons per year.

The complex plans to export 90% of its output, with Europe being a key market. The project's location gives Tosyali access to Mediterranean shipping routes and potential customers in both Europe and Africa.