Isbank puts IDC up for sale again

Isbank puts IDC up for sale again

Turkish Isbank announced that it put its 54.68 percent stake in Turkish steel producer Izmir Demir Celik (IDC) back up for sale. The nominal value of the stake is TRY 34'037'960. As reported by SteelOrbis in May 2005, Global Steel Holdings Limited (GSHL), an affiliate of Mittal family-owned Ispat Industries, agreed to buy Isbank's 54.68 percent stake in IDC. According to the deal, GSHL would have paid $78.45 million for the stake. However, in July 2005, GSHL annulled the agreement, citing the changes in the global steel market.