49.93% of Erdemir up for sale

49.93% of Erdemir up for sale

The Turkish Privatization Administration announced that it would put its 46.12% stake in Turkey's largest flat steel producer, Eregli Demir Celik Fabrikaları (Erdemir), up for block sale as part of the effort to privatize Erdemir. Furthermore, a 3.81% stake owned by the Development Bank of Turkey will also be put up for sale, according to an agreement between the administration and the bank. Erdemir turned a profit of $631 million from 5.77 million tons of production in 2004. Arcelor, Mittal Steel, US Steel, Corus and Severstal are among the interested parties in Erdemir's privatization.