Largest Steel Producer
Turkey plans to become the largest steel producer in Europe.
Turkey has made itself known in several markets throughout the decade. Be it the tourism industry, or the energy production industry, Turkey is easily among the top exporters to Europe in many ways, and also has a stronghold in the global export market. Besides European exports, Turkey also has positive trade relations with the Middle East which only adds to its total exports. With that being said, Turkey also plans to become the largest steel producer in Europe.
Turkey: A Reputable Steel Producer
Since the import substitution system has been implemented in Turkey, the steel export in Turkey grew supplies to the neighboring countries namely; Iraq, Iran, and so on to become the world’s 10th largest steel producer in a mere decade, i.e. until 2001. Despite the global financial crisis in 2009, Turkey still retains its position to be the 2nd largest steel producer in the European market and ranks now to be the 8th largest exporter in the world.
Although China and India precede the growing global market of steel production, Turkey is still the third fastest-growing steel producer in the world as of 2019, by producing 33+ million tonnes of steel, which is more than double its total production of 15 million tonnes in 2001. The booming growth can be primarily attributed to domestic consumption and secondarily to exports.
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Can Turkey Become the Largest Steel Producer in Europe?
Surely, Turkey’s already on its path to conquer the European steel production market for it has known to export 7.2 million tonnes in 2019, which is 26% more than it did the previous year. The flat steel production grew by 1.7% or 2.54 mt. The whole of produced steel export figures stood at an increased growth of 4.3% or 3.2 million tons. While that’s a lot of steel, Turkey’s own per capita crude steel consumption has increased to 405 kg in 2019 and is expected to continue growing.
Not only does Turkey currently possess the means of production of steel in vast quantities, but Turkey is also expecting the establishment of a new steel production hub in several parts of its country which will undoubtedly make Turkey the leading steel exporter in all of Europe.
If we also rake in the Middle East Exports of 4.8 million in 2019 and the African Exports that grew by 41.7% along with Latin American export of steel growth of 9.5%, before the end of the decade, Turkey will climb up from its 8th position of world’s largest steel producer to join the ranks of; China, India, and Russia.
Related Article: Top Reasons Why Foreign Investors Should Invest in Turkey.