Türkiye’s crude steel production rises 25 pct in November

ISTANBUL

Türkiye produced a total of 3 million tons of steel crude in November, marking a strong 25.4 percent increase from a year ago, according to the latest numbers from Brussels-based World Steel Association (worldsteel).

Türkiye was the world’s eighth-largest steel producer.

In the first 11 months of 2023, the country’s crude steel production amounted to 30.5 million tons, down 6.1 percent from the same period of last year.

World crude steel production for the 71 countries reporting to the association was 145.5 million tons in November, a 3.3 percent increase compared to November 2022.

Global steel output inched up 0.5 percent in the January-November period from a year ago to 1.72 billion tons.

Meanwhile, the European Bank for Reconstruction and Development (EBRD) has announced that it is supporting Kutes, a leading Turkish metal casting company, in its transition to sustainable energy through a risk-sharing agreement with development bank Türkiye Sinai Kalkınma Bankası (TSKB).

Under the EBRD’s Risk Sharing Framework (RSF), TSKB is lending 15.4 million euros to Kutes to support its investment in solar power plants and sustainable practices.

Over the past few years, the metal casting industry has experienced a surge in energy expenditure, prompting Kutes to strategically invest in 26 MW of solar power plants in the provinces of Kırklareli and Edirne, EBRD said.

The investment will enable Kutes to meet its casting facility’s energy requirements while mitigating more than 80 percent of its electricity consumption.