The Turkish Steel Producers' Association (TCUD) recently stated that Turkey's goal is to regain its status as Europe's largest steel producer in 2024, expecting an increase in steel production for that year. The country also has a long-term goal of surpassing South Korea to become the world's sixth-largest steel producer.
In 2023, Turkey's crude steel production was 33.7 million tons per year, significantly lower than the 40.4 million tons per year in 2021. The association pointed out that the sharp rise in energy prices after the start of the Ukraine-Russia conflict in 2022 undermined the competitiveness of Turkish factories in the global market. Additionally, the devastating earthquake that hit the southeastern part of Turkey in early 2023 significantly affected the country's steel production, especially in the first half of 2023. The association hopes to regain its position as Europe's largest steel producer in 2024, supported by positive factors such as new steel capacity announced by the Turkish Trade Ministry, a recovery in demand, lower energy costs, and recent protective measures.
One of Turkey's largest steel manufacturers, Tosyali Holding, began production in the fourth quarter of 2023 at its newly built 4 million tons per year flat steel plant in Sariseki, Iskenderun, located in the southeastern part of Turkey. Other large steel manufacturers in Turkey have also recently increased their steel production capacity through new investments.
The Turkish Trade Ministry is also conducting an anti-dumping investigation into imports of hot-rolled coils from countries such as India, Japan, and Russia, and will take anti-dumping measures based on the investigation results. The ministry also issued a presidential decree on December 31st, implementing a temporary safeguard measure of $175 per ton for 200 days on imports of non-alloy and alloy wire rods. The Turkish Steel Producers' Association stated that these protective measures are expected to support Turkish steel mills' production and sales in 2024. Throughout 2023, Turkish steel mills faced pressure from low demand, high energy costs, and fierce competition in terms of steel prices.
