Tukey-based Tosyali Holding AS has signed a memorandum of understanding with Saudi Arabia to invest nearly $5 billion in a steel plant, Bloomberg reported, citing chairman Fuat Tosyali.

The investment is part of an expansion drive that includes Algeria, Angola, Senegal and Spain.

 No further details were given on the Saudi deal.

“Our aim is to make the best quality steel from the best technology in a sustainable, efficient and carbon-neutral way,” the news agency reported Tosyali as saying on the sidelines of the World Economic Forum in Davos. 

The company intends to increase its solar output to 2,500 megawatts (MW) from 240 MW through a $1.5 billion investment as part of its renewable efforts.   

Tosyali Holding will increase its steel production capacity to 14 million tonnes a year as investments in Algeria and Turkey reach fruition, the chairman added.

 (Editing by Seban Scaria seban.scaria@lseg.com)