Tosyaly calls on EU to cancel quotas of Turkey and Algeria
Fuat Tosyali, Chairman of the Board of Tosyalı Holding, calls on the European Union (EU) to abolish steel import quotas for Turkey and Algeria, arguing that these measures undermine the EU's own steel industry and contradict sustainable development goals, Kallanish notes.
Anadolu agency quotes Tosali, who says that quotas designed to shield Europe from Asian, particularly Chinese, imports also apply to Turkey, which he called a key supplier of raw materials to the EU.
"The EU should abolish quotas for countries such as Turkey and Algeria that produce steel with low emissions into the atmosphere. Otherwise, the EU risks weakening its own processing industries," he adds, speaking at the annual meeting of the World Economic Forum in Davos.
Tosali stresses that low-emission steel products produced in Turkey and Algeria should not be subject to any quota restrictions, adding that this would allow the EU to more effectively introduce environmentally friendly steel into its own industrial ecosystem.
He also warns that China's dominant position, which accounts for almost half of global steel production, continues to have a negative impact on global markets due to overcapacity, subsidies and weak demand. Global excess steel production capacity currently stands at about 680 million tons and could exceed 720 million tons by 2027, he concludes.
Tosali also highlights that the steel industry is one of the main drivers of global warming, stressing that governments around the world should no longer support outdated steel mills with high emissions.
Author: Burchak Alpman Turkish
Kallanish.com