Business

Turkey to ‘increase its share’ in EU steel imports

The European Union’s ban on steel exports from Russia and Belarus will pave the way for an increase in Turkish steel exports, according to a prominent figure in the sector, who forecasts that there will be an increase in Turkey’s steel exports to the United States and many countries due to the supply shortage in the EU.

“The EU’s quota regulation has increased the steel export share of many countries,” said Elif Tulay,the board chairman of Ekol Iron and Steel.

“For the next two months, Russia’s 600,000 thousand tons of quota for many products such as hot-rolled coil and rebar, and 80,000 thousand tons of Belarus’ quota have been distributed to other countries. This quota arrangement will be extremely positive for the Turkish steel industry,” she added.

Steel exports to the EU will increase, and the supply shortage experienced there will also cause problems in the EU’s exports to the U.S., according to Tulay.

“Thus, I predict that there will be an increase in Turkey’s steel exports to the U.S. and many countries,” she said.

“Entering different markets and establishing commercial relations will provide us with long-term investments.”

Last year, Turkey was the world’s eighth-largest crude steel producer after China, India, Japan, the United States, Russia, South Korea, and Germany.

Turkey’s total crude steel production increased by 12.7 percent to hit an all-time high of 40.4 million tons last year. Turkey was followed by Brazil, Iran, and Italy, with their respective crude steel production volumes.

Turkish steel exports rose 20 percent to a record 19.9 million tons in 2021, according to data from the Turkish Steel Producers’ Association (TÇÜD).

Steel exports revenue was up 93 percent to $16.5 billion in 2021.

Steel imports, meanwhile, rose 23 percent in 2021 to 15.4 million tons, with the cost of imports up 86 percent to $14.4 billion.

The combined share of the United States and the European Union in Turkey’s overall steel exports declined from 40 percent in 2020 to 34 percent last year due to protection measures in those regions, TÇÜD Secretary-General Veysel Yayan said on Feb. 3.

Source
hurriyetdailynews

Leave a Reply

Your email address will not be published.

Back to top button