British Steel Company May Be Sold To Turkish Military Pension Fund OYAK

- Oct 21, 2019-

The British government is about to negotiate exclusively with the Turkish military pension fund OYAK for the sale of British steel companies to save a factory in Scunthorpe and more than 4,000 jobs in the UK.


According to reports, three companies have previously participated in the bid for British steel companies. However, two of them may soon be excluded. In particular, a number of information channels indicate that the leading bidder is Oyak's Ataer Holdings, which is also the largest shareholder of Turkish steel producer Erdemir.


At present, the parties have not issued official comments on the possible deals.


In May of this year, due to serious financial problems and the British government refused to provide a loan of 30 million pounds, the British Supreme Court ordered the liquidation of the British steel company. The main goal of the official recipient is to sell all of the UK Steel's business.


The British steel company Scunthorpe produces annual production of 700,000 tons of coke, 4.3 million tons of pig iron, 4.5 million tons of semi-finished steel, 600,000 tons of rails and 400,000 tons of long products. The Teesside Beam Mill and Skinningrove plants are designed to produce 750,000 tons of steel beams and 240,000 tons of profiles per year.


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