On May 12, Chen Derong, Chairman of China Baowu, met with Fuat Tosyali, Chairman of Tosyali Group, and his delegation in Beijing. The two sides held talks and exchanges on the green and low-carbon transformation of the steel industry and cooperation on overseas projects.

Tosyali Group is one of the major steel producers in Turkey, with business areas covering steel, mining, new energy, and automotive manufacturing. Tosyali's steel plant in Algeria is the largest in North Africa, and it is a core steel production enterprise with gas-based reduction and DRI (Direct Reduced Iron) processes.

Chen Derong pointed out during the discussion that he is pleased to see stable cooperation between Tosyali and Sinosteel MECC, a subsidiary of China Baowu. As a leading enterprise in the domestic steel industry, China Baowu is increasing its international presence and accelerating the layout of industries in countries along the "Belt and Road" and other regions. Currently, countries around the world are elevating green and low-carbon development to a national strategic level, proposing carbon neutrality goals. China Baowu's exploration and layout in low-carbon technologies, such as hydrogen-based shaft furnace and low-carbon technologies in traditional long-process steel plants, have achieved very positive results. They look forward to expanding cooperation with Tosyali for mutual success.

Fuat expressed that Tosyali has been cooperating with Sinosteel MECC for more than 20 years, establishing a long-term and stable friendly cooperation relationship. Together, they have successfully completed several influential demonstration projects, including the world's first and largest direct reduction iron project (2.5 million tons/year DRI). Currently, in addition to investments in Turkey, the company has investments in Algeria, Angola, and Montenegro, spanning three continents: Asia, Africa, and Europe. Tosyali is in the process of transitioning to green steel, and they are eager to collaborate with China Baowu to create more value.

The meeting was attended by officials from the Overseas Business Development Department of China Baowu Group, relevant personnel from Sinosteel MECC, and members of the Tosyali Group's Board of Directors.