Mitsui O.S.K. Lines; Ltd. (MOL) has formed a strategic tie-up with Tosyali Holding A.S. to strengthen its business structure in Turkey, and Africa.
MOL President & CEO Junichiro Ikeda signed a memorandum of agreement (MOA) with Tosyali Chairman Fuat Tosyali to start the research towards a strategic partnership.
MOL said the agreement embodies the “comprehensive strengths that enable the provision of one-stop solutions to the various transportation needs of customers,” as stated in the “Rolling Plan 2019,” or the management plan. MOL is looking forward to contributing to the expansion of Tosyalı’s businesses.
The memorandum signing was witnessed by H.E. Dr. Hasan Murat Mercan, Turkish Ambassador to Japan, at the Turkish Embassy in Tokyo on August 30.
The parties vowed to study the possibility of a partnership in the transport of raw materials and steel products in Tosyalı’s production networks in Turkey and overseas. The companies would also study the building of a port in southeastern Turkey and further cooperation on new Tosyali business ventures.
Tosyalı is a major Turkish steel company, with an output of over 10 million tons in 2018. It is developing further its business on a broader scale, both in Turkey and around the world.
Tosyali has started the operation of the world’s largest direct reduced iron (DRI) plant in Algeria in 2018.
DRI is an iron produced by reducing iron ore directly, by using natural gas as the main energy source.
For its part, MOL would strengthen its business structure, targeting Turkey and Africa, and would continue working to realize a stress-free service from the customers’ perspective.