Tosyalı Calls for the Removal of Steel Quotas to the EU

Striking Statements by Tosyalı at the World Economic Forum

The Chairman of Tosyalı Holding, Fuat Tosyalı, made important statements regarding the state of the Turkish economy and developments in global trade during the World Economic Forum (WEF) Annual Meetings held in Davos, Switzerland.

The Rise of the Turkish Economy

Tosyalı noted that Turkey’s efforts to reduce inflation are beginning to yield positive results. “In recent weeks, our Minister of Treasury and Finance Mehmet Şimşek and our Central Bank Governor Fatih Karahan announced that inflation has lost its permanence. We are starting to feel this situation,” he said.

Tosyalı emphasized that the Turkish economy has become more predictable, and that economic activity has increased, expressing that the decreasing trends in interest rates and inflation have encouraged the sector.

EU Quotas Negatively Affect Turkey

Tosyalı stated that Turkey is a major producer in the steel industry and ranks among the top 50 in the world. “We set a record in both production and export last year. We aim to climb higher in the rankings with our investments,” he said.

However, Tosyalı criticized the European Union's (EU) quota regulations imposed on steel imports, stating, “If the EU wants to ensure the sustainability of the steel industry, it must lift this quota imposed on upstream-producing countries like Turkey and Algeria.” He emphasized that this situation is harmful not only for Turkey but also for the EU's steel industry.

The Impact of China and Market Imbalances

Tosyalı pointed out that approximately half of the world’s crude steel production is met by China, which leads to imbalances in the sector. “Excess capacity, an oversupply of goods, and weak demand are further deepening the issues in the sector,” he added.

Tosyalı stressed the importance of not supporting high-emission outdated technologies and considering the steel sector's role in global warming.