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Turkish steel producers to invest $3.2bn to cut emissions

Turkish steel producer Erdemir aims to reduce emissions by 40 percent by 2040 and become carbon neutral by 2050 Unsplash.com
Turkish steel producer Erdemir aims to reduce emissions by 40 percent by 2040 and become carbon neutral by 2050

Turkey’s two largest steel producers Erdemir and Isdemir will invest $3.2 billion (96.3 billion lira) to boost production and cut carbon emissions by 25 percent by 2030.

Erdemir steel mill will reduce coal consumption by using biomass and natural gas while building new electric arc furnaces at its facilities in southern and northern Türkiye, Daily Sabah newspaper reported, citing Serdar Başoğlu, the chief financial officer of controlling shareholder Oyak Mining Metallurgy.

The total crude steel capacity of Erdemir and Isdemir, currently at 9.5 million tonnes, is expected to increase to 13.5 million tonnes, Başoğlu said.

Başoğlu added that Erdemir aims to reduce scope 1 and 2 emissions by 40 percent by 2040 and become carbon neutral by 2050, three years before Ankara’s set deadline for carbon neutrality.

He said the emission-reduction plans of Erdemir and Isdemir, both controlled by the Oyak military pension fund, expect over 70 percent of the estimated investment to be provided by foreign resources.

The company could also consider issuing foreign currency bonds, Başoğlu added.

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