Arcelor, POSCO may cooperate with OYAK

Arcelor, POSCO may cooperate with OYAK

Luxembourg-based steelmaker Arcelor and South Korea's POSCO expressed their interest in a partnership with Turkey's OYAK (Turkish Armed Forces Pension Fund), which recently won the auction held for the sale of a 46.12 percent stake in Turkey's largest steel producer, Erdemir. After winning the tender, OYAK announced that it was open to working together with a partner to operate the mill. POSCO, which had pre-qualified for the tender, withdrew before the final bidding. Arcelor attended the final bidding but pulled out during the first round.