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Turkish military fund says it will buy British Steel

Christian Fernsby |
Turkey’s military pension fund OYAK has reached a provisional agreement to take over British Steel until year-end.

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Britain’s second-largest steelmaker employs 5,000 workers and produces high-margin steel products used in construction and railways. It supports a further 20,000 jobs in its supply chain.

Ataer Holding, an affiliate of OYAK, will have the exclusive rights to carry out due diligence on British Steel and expects to complete this in October, OYAK said in a statement.

“We will continue to make our investments for the high benefit of our members and to take domestic and international steps with our growth-focused vision,” said OYAK General Manager Suleyman Erdem.

“It is expected that the due diligence process will be completed in October and if it is finalised successfully the transfer of the company will be completed by the end of this year,” OYAK said.

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