Isbank sells IDC stake

Isbank sells IDC stake

SteelOrbis previously reported that Isbank put its 54.68 percent stake in Turkish steel producer Izmir Demir Celik (IDC) back up for sale in mid-September. The nominal value of the stake was TRY 34'037'960. Koc Dis Ticaret A.S General Manager Mehmet Gürdal told SteelOrbis that Isbank decided to sell its 54.68 percent stake in IDC to Sahin-Koc Celik Sanayi A.S for a cash payment of $79.05 million. The transaction will be competed after the regulatory approvals. 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. Located in Izmir, Turkey, IDC produces billets, concrete reinforcing bars and deformed reinforcing bars. IDC produced a total of 1'236'724 tons of steel products in 2004.