Turkey's largest integrated steelmaker Erdemir announced that its chairman and deputy managing director Fatih Tar has resigned. Erdemir deputy chairman Nihat Karadag will become deputy managing director. Nihat Karadag previously held the post of assistant general manager at Turkish company Oyak Holding.
According to Erdemir's statement, Fatih Tar, chairman and deputy managing director of Erdemir and deputy managing director of Erdemir's Iskenderun-based subsidiary Isdemir has resigned from his duties as of August 14.
Fatih Tar's resignation decision, announced late last night, came as a surprise to the Turkish steel industry and market, while comments that differences among the senior management at Erdemir may have caused this sudden resignation have reached the SteelOrbis newsdesk.
Market sources state that further news could be heard in the days to come at Erdemir, where Mr. Tar had radically changed the company organization.