Türkiye’s steel industry will shift its export strategy toward nearby and neighboring markets, prioritizing the European Union, the Balkans and Eastern Europe, as global demand weakens and protectionist measures rise, according to head of the sector’s exporters’ group.

Adnan Aslan, chair of the Steel Exporters Union (ÇIB), said on Tuesday that the industry has reshaped its growth strategy in response to tightening global conditions, aiming to focus less on distant markets and more on geographically closer destinations.

“In this environment, growth is only possible by targeting the right markets with a flexible strategy,” Aslan said at a meeting outlining the sector’s 2025 performance and 2026 outlook.

Aslan said EU countries, non-EU European markets, the Balkans, Eastern Europe and neighboring regions will be among the primary destinations in the coming period. He set a modestly higher export target of $17 billion for 2026, compared with the previous year.

The shift reflects rising logistical costs and increasing barriers such as tariffs and quotas in distant markets, while nearby regions offer advantages including faster delivery, flexible production and stronger trade ties, he added.

In 2025, Türkiye exported 7.9 million tons of steel to the EU and 3.7 million tons to other European countries, with Europe accounting for roughly 60% of total steel exports.

Recovery expected in Europe

Aslan said uncertainty surrounding the EU’s Carbon Border Adjustment Mechanism (CBAM) had weighed on demand, causing exports to start 2026 on a weaker footing. However, he expects a rebound beginning in March and April as clarity improves and delayed purchases resume.

For 2026, the sector aims to export 20 million tons of steel worth $17 billion, up from 19.4 million tons and $16.5 billion in 2025.

Aslan added that expanding production of higher-value-added steel products forms the second pillar of the industry’s new growth strategy, helping Turkish producers avoid direct price competition with lower-cost suppliers such as China and India.

Rising imports, costs strain industry

Uğur Dalbeler, vice chair of the ÇIB, warned that rising imports remain one of the biggest risks for the Turkish steel sector.

Despite producing around 38 million tons and consuming about 39 million tons annually, Türkiye imports nearly half of its steel consumption, Dalbeler said, calling this the sector’s main structural challenge.

He noted that growing global protectionism, state-backed competition in Asia and mounting domestic cost pressures, particularly in energy and labor, have forced some producers to cut shifts and lay off workers.

Labor costs in dollar terms have tripled over the past five years, Dalbeler said, adding that employment within companies affiliated with the Metal Industrialists Association (MESS) fell by 20,000 over the past six months as of January.

On domestic demand, Dalbeler said the sector may face a subdued period as public spending, which previously supported steel consumption, has weakened and post-earthquake housing-driven demand appears to be nearing completion.

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The world’s main coffee-growing regions are roasting under additional days of climate change-driven heat every year, threatening harvests and contributing to higher prices, researchers said Wednesday.

An analysis found that there were 47 extra days of harmful heat per year on average in 25 countries representing nearly all global coffee production between 2021 and 2025, according to independent research group Climate Central.

Brazil, Vietnam, Colombia, Ethiopia and Indonesia – which supply 75% of the world’s coffee – experienced on average 57 additional days of temperatures exceeding the threshold of 30 degrees Celsius (86 degrees Fahrenheit).

“Climate change is coming for our coffee. Nearly every major coffee-producing country is now experiencing more days of extreme heat that can harm coffee plants, reduce yields and affect quality,” said Kristina Dahl, Climate Central’s vice president for science.

“In time, these impacts may ripple outward from farms to consumers, right into the quality and cost of your daily brew,” Dahl said in a statement.

U.S. tariffs on imports from Brazil, which supplies a third of coffee consumed in the United States, contributed to higher prices this past year, Climate Central said.

But extreme weather in the world’s coffee-growing regions is “at least partly to blame” for the recent surge in prices, it added.

Coffee cultivation needs optimal temperatures and rainfall to thrive.

Temperatures above 30 degrees Celsius are “extremely harmful” to arabica coffee plants and “suboptimal” for the robusta variety, Climate Central said. Those two plant species produce the majority of the global coffee supply.

For its analysis, Climate Central estimated how many days each year would have stayed below the 30-degree threshold in a world without carbon pollution but instead exceeded that level in reality, revealing the number of hot days added by climate change.

The last three years have been the hottest on record, according to climate monitors.

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Visitors from China and India are expected to offset a potential easing in growth from U.S. tourists to Europe this year, with international arrivals to the region projected to increase by 6.2%, a survey released Wednesday by the European Travel Commission showed.

This is the first sign of a slowdown in the post-pandemic boom in American travel to Europe, driven by a strong U.S. dollar and economic resilience in North America.

An earlier study from industry group the European Travel Commission showed that Americans were less intent on traveling to Europe in 2026 than in 2025, a trend driven by worsening economic concerns and geopolitical instability.

While Chinese arrivals to Europe are set ⁠to ⁠rise by 28% compared to 2025 and Indian arrivals to climb by 9%, traveler numbers from the Americas were seen growing by just 4.2%.

According to data from aviation intelligence platform Cirium, bookings from Europe to the U.S. between Oct. 7 and end-January fell 14.2% year-over-year, while bookings from the U.S. to Europe slid 7.3%.

Despite a tempering of interest from core American travelers, Europe is ⁠still seeing a steady rise in both long-haul travelers and in spending, showing that tourists who still want to come are more focused on high-value experiences that ​can keep the European travel market steady.

“Europe continues to stand out ​as a reliable destination, well-positioned to respond to evolving demand for more flexible travel and experience-led journeys,” said Miguel Sanz, ⁠head ‌of the European ‌Travel Commission, in a statement.

Travel spending in ⁠Europe is set to have risen ‌by 9.7% in 2025, according to the survey. That is in line with reports ​from Europe’s major carriers, including Lufthansa ⁠and Air France-KLM, of a steady rise in ⁠bookings for their premium offerings, while economy cabin bookings for transatlantic ⁠travel have fallen.

Air ​France-KLM reports its full-year results for 2025 on Thursday.

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As debates over debt sustainability in the global economy and the record surge in gold prices marked the start of 2026, Türkiye continues to positively differentiate itself among OECD and G-20 countries with its fiscal discipline performance and strategic increase in gold reserves.

While many advanced and emerging economies, such as Japan, China, Italy, the U.S. and France, seek a way out from under massive debt burdens, Türkiye presents a profile that refreshes confidence in global markets with both its low debt ratio and strong reserve structure.

According to the latest data from the Organisation for Economic Co-operation and Development (OECD) and the relevant finance ministries, public debt sustainability in advanced economies is undergoing a historic test.

OECD data show that the average public debt-to-GDP ratio in advanced economies has exceeded 110%. In Europe and North America in particular, aging populations, rising social expenditures, increasing defense spending and the high interest rate environment have pushed debt burdens to unsustainable levels.

Japan tops the list with a debt ratio reaching 237%. Interest payments exceeding 31 trillion yen in the 2026 budget have placed the country’s economy in a fragile position.

In the world’s largest economy, the U.S., public debt has reached 124% of GDP, while Canada stands at 113%, France at 111.7% and Italy at 137.8%, all above critical thresholds.

Meanwhile, according to data from the World Gold Council (WGC), the U.S., which holds the world’s largest gold reserves, ranks first with 8,133.5 tons. Approximately 79% of its total reserves consist of gold.

Germany ranks second with 3,350.3 tons, while Italy (2,451.8 tons) and France (2,437 tons), maintain their positions in the top five through their traditional gold-holding policies.

In recent years, Russia, which has pursued a de-dollarization strategy, holds 2,333 tons, while China, with 2,306 tons, continues to play a decisive role in the global league.

Through strategic purchases at the central bank level, Türkiye has managed to climb the global rankings.

According to Central Bank of the Republic of Türkiye (CBRT) data, with official gold reserves reaching 641.3 tons, Türkiye ranks just behind giants such as Japan and India, becoming the world’s 10th largest gold holder.

Public debt management

At the same time, unlike many OECD countries, Türkiye displays a sustainable outlook in public debt management.

According to data from the Treasury and Finance Ministry, Türkiye’s public debt stock-to-GDP ratio stands at 24.6%. This figure draws attention as it remains well below both the Maastricht Criteria threshold of 60% and the OECD average.

The decline of the country’s net debt stock-to-GDP ratio to 18.2% confirms the strength of its financial assets in covering debt obligations.

Economists describe Türkiye’s journey, which began with Law No. 4749, as “a governance success that controls not only the amount of debt but also its quality and sustainability.”

This structural shield positions Türkiye as one of the most resilient safe havens within the OECD during the global debt crisis of 2026.

The “Golden Age” between 2002 and 2012 was a period when fiscal discipline combined with banking reforms. Türkiye grew not merely by borrowing, but by becoming a fundamentally efficient economy. Thanks to this discipline, the ratio of debt stock to national income declined rapidly and the country entered a genuine real growth path.

Although the mathematical effect of inflation in lowering the debt ratio is acknowledged today, it is emphasized that the primary reason lies in the state’s structural stance.

Unlike many advanced economies, Türkiye continues to prioritize a budget-discipline model rather than a debt-dependent structure.

Gold accumulation

In gold reserves, Türkiye has risen in the global rankings through strategic purchases at the central bank level.

As of January 2026, the CBRT’s official gold reserves approached $134 billion in value, while total gross reserves surpassed the $200 billion threshold. Like this, Türkiye has become the fastest gold-accumulating OECD country over the past five years.

In his latest statements in February 2026, CBRT Governor Fatih Karahan shared striking figures regarding the so-called “under-the-mattress” gold holdings in Türkiye and their economic impact.

Karahan stated that the amount of gold estimated to be held by households in Türkiye (outside the formal financial system) is around $600 billion.

Additionally, the rise in gold prices has generated an enormous wealth effect of approximately $200 billion over the past year through these assets.

Meanwhile, according to OECD forecasts, the Turkish economy is expected to grow by 3.6% in 2025 and 3.4% in 2026. These projections place Türkiye among the top four fastest-growing economies within the OECD.

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The number of mainland Chinese visitors to Japan declined 60.7% in January compared to the same month last year, figures showed Wednesday, in the continued fallout from the countries’ diplomatic spat.

“Last year, the lunar new year began in late January, but this year it fell in mid-February,” the Japan National Tourism Organization said as it published the data.

“Additionally, the Chinese government issued a warning advising against travel to Japan. Factors such as reduced flight frequencies also contributed to the number of foreign visitors to Japan falling below the level of the same month last year,” a statement said.

Earlier, Chinese visitors were the biggest contingent, contributing to a tourism boom in the land of cherry blossom and Mount Fuji, which was fuelled by a weak yen, making shopping affordable.

But in January this year, South Korea was the biggest source with 1.2 million visitors, up 21.6%, compared with 385,300 from mainland China, down from 980,520 in January 2025.

Visitors from Hong Kong also tumbled 17.9%.

Overall, the number of visitors to Japan fell 4.9% to 3.597 million in January compared to the same period last year.

Japanese Prime Minister Sanae Takaichi suggested in November that Japan could intervene militarily if Beijing sought to take Taiwan by force.

China, which regards the democratic island as part of its territory and has not ruled out force to annex it, was furious.

Beijing summoned Tokyo’s ambassador, and on Nov. 14 warned Chinese citizens against visiting Japan, citing “significant risks to the personal safety and lives of Chinese citizens.”

The number of Chinese visitors to Japan already tumbled 45% in December to 330,000.

In December, J-15 jets from China’s Liaoning aircraft carrier twice locked radar on Japanese aircraft in international waters near Okinawa, according to Japan.

China also tightened controls on exports to Japan for items with potential military uses, fuelling worries that Beijing may choke supplies of vital rare-earth minerals.

Japan’s last two pandas were even returned to China last month.

Takaichi, 64, was seen as a China hawk before becoming Japan’s first woman prime minister in October.

She won a landslide victory in snap elections on Feb. 8, putting her in a strong position for the next four years to stamp her mark on Japanese domestic and foreign policy.

Takaichi said after her election win that Tokyo would bolster its defenses and “steadfastly protect” its territory.

She also said she was “open to various dialogues with China.”

However, China’s Foreign Ministry said “genuine dialogue should be built on respect for one another.”

“Proclaiming dialogue with one’s mouth while engaging in confrontation, no one will accept this kind of dialogue,” Foreign Ministry spokesperson Lin Jian said Tuesday.

Beijing’s top diplomat Wang Yi told the Munich Security Conference on Saturday that forces in Japan were seeking to “revive militarism.”

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German pharmaceuticals and chemicals giant Bayer said on Tuesday its Monsanto unit had ​reached an agreement worth as much as $7.25 billion to resolve tens of thousands of current and future lawsuits claiming that its Roundup weedkiller caused cancer. The announcement sent its shares soaring.

The move marks a major step for the German firm, which has spent years ⁠tackling legal risks tied to Roundup, acquired as part of its $63 ⁠billion purchase of agrochemical company Monsanto in 2018.

The German company said the proposed nationwide settlement, filed on Tuesday in state court in St. Louis, Missouri, would establish a long-term claims program funded by capped annual payments over up to 21 years.

The company is facing claims over Roundup ​from approximately 65,000 plaintiffs in U.S. state and federal courts.

The plaintiffs say they developed Non-Hodgkin lymphoma and other forms ​of ⁠cancer after using the weedkiller, either at home or on the job.

Following the announcement, Bayer shares rose as much as 7.7% to reach their highest level since Sept. 12, 2023.

“Bayer’s move will significantly reduce the legal risks. Although the settlement is very costly, it is to be welcomed as it covers future claims,” Ingo Speich of Bayer investor Deka Investment said.

Bayer said it expects its provisions and litigation liabilities to rise from 7.8 billion euros ($9.24 billion) to 11.8 billion euros. It anticipates around 5 billion euros in litigation-related payouts in 2026, and now expects negative free cash flow for the year.

Settlement aimed at heading off future lawsuits

Roundup is among the most widely used weedkillers in the U.S. Bayer has said decades of studies have shown Roundup and its active ingredient, glyphosate, are safe for human use.

The deal covers the bulk of the lawsuits, but requires a judge’s approval and a minimum number of plaintiffs to opt in. It does not require Bayer to admit liability or wrongdoing and allows the company to back out if too many plaintiffs decline to participate.

It is also designed ⁠to ⁠head off future lawsuits and allows people who can prove they have been diagnosed with Non-Hodgkin lymphoma and were exposed to Roundup before Tuesday to file claims to receive a portion of the settlement up to 21 years from now.

The agreement was negotiated with Motley Rice, Seeger Weiss and other law firms that would represent a nationwide class of plaintiffs, if the court allows the deal to proceed.

Bayer CEO Bill Anderson said on a call with investors and reporters that he is confident the proposed class-action settlement will resolve the vast majority of the claims.

Attorneys who negotiated on behalf of the plaintiffs said the deal represents the best path forward. Payouts will be determined by a tiered system that considers exposure, age at diagnosis and cancer type. Individuals could receive up to $198,000 or more, according to attorney Eric Holland.

The company said it had separately reached confidential settlements to resolve other ⁠Roundup cases with specific law firms, although the company would not name the firms or specify the amount of those deals.

Supreme Court to hear appeal

Tuesday’s proposed settlement comes after the U.S. Supreme Court agreed to hear an appeal in a case that Bayer argues will sharply limit its liability in the litigation.

The company said the Supreme Court case, scheduled for oral arguments at ​the end of April, remains essential to resolving the Roundup litigation.

Bayer is arguing that consumers should not be able to sue it under state law for ​failing to warn that Roundup increases cancer risk because the U.S. Environmental Protection Agency (EPA) has found no such risk and requires no such warning.

Bayer argued that federal law does not allow it to add any warning to the product beyond the EPA-approved label. Markus Manns, portfolio manager at ⁠Bayer shareholder Union Investment, cautioned ‌that Tuesday’s proposal was “not ‌yet the breakthrough that many investors had hoped for.”

“The settlement buys Bayer time, but without a win in ⁠the Supreme Court, a new wave of lawsuits could roll over Bayer in a few years,” ‌he said.

Company paid out $10B to settle previous lawsuits

The company had previously paid about $10 billion to settle most of the Roundup lawsuits that were pending as of 2020, but failed to get a ​settlement then covering future cases.

It has had a ⁠mixed record with cases that have gone to trial. It prevailed in a series of Roundup trials, but has ⁠been hit with large jury awards in the past few years, including a $2.1 billion verdict in a case in the U.S. state of Georgia in March.

The ⁠verdicts shattered both investor confidence and ​company hopes that the worst of the Roundup litigation was over, and put pressure on Bayer to find a comprehensive solution to the lawsuits.

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