Mittal Steel unit gives up on IDC acquisition
Turkish Isbank announced today that Mittal Steel unit Global Steel Holdings Limited (GSHL) backed out of an agreement to acquire Isbank's 54.68 percent stake in Turkish steel producer Izmir Demir Celik (IDC).
As reported by SteelOrbis in May 2005, Mittal agreed with
Turkey's Isbank to buy its 54.68 percent stake in IDC. According to the deal, Mittal, through GSHL, would pay $78.45 million for the stake. However, GSHL informed Isbank that it had decided to annul the agreement. No reasonable cause was given, Isbank said.
Meanwhile, Mittal is also among the companies that applied to participate in the privatization tender for
Turkey's largest steel producer,
Erdemir.