Milliyet - Japanese steelmaker Toyo Kohan and Turkish flat steel and steel pipe producer Tosyali Holding have agreed to form a joint venture (JV) to supply metals to be used in a wide range of industries including automotive, household electrical appliances and IT products.

The agreement to establish the JV, in which Tosyali will hold a 51 percent stake - the rest owned by Toyo Kohan-, was announced in a statement issued by Tosyali Holding on Thursday. The joint Tosyali-Toyo investment, realized with the assistance of the Investment Support and Promotion Agency of Turkey (ISPAT), will be located in Osmaniye in southern Turkey. The facility will supply the domestic market and export to surrounding markets in Europe, the Caucasus, North Africa and the Middle East.

The Turkish-Japanese JV will cut down Turkey’s dependency on foreign suppliers for high-tech steel products, said the statement.