ISTANBUL -- Turkey's steel industry is making a grab for a bigger share of the global market as China holds back production to cut emissions and Russia's invasion of Ukraine mires two other key rivals in conflict.
Turkish steelmakers pushed production and exports to record levels in 2021 and are further expanding capacity this year, in what could prove a test of the unconventional economic policies being pursued by the government of President Recep Tayyip Erdogan. The dramatic devaluation of the lira, while increasing raw materials costs for steelmakers, has boosted the competitiveness of the country's exports.
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