Erdemir increases Isdemir capital by $85 million
Erdemir has decided to make a capital increase of TL 140 trillion (approx. $ 85 million) for its affiliate establishment Isdemir, carrying it up from the current level of TL 610 trillion (approx. $372 million) and bringing it to TL 750 trillion (approx. $457 million). This increase will be used for the purposes of restructuring and conversion projects, initiated right after the takeover. Isdemir's conversion process is expected to complete by 2006. Isdemir will then be producing flat products instead of longs. $36 million is scheduled to be invested under the framework of this project, this year. Isdemir has recorded a net loss of $20 million in the first nine months of 2002. This reveals a reduction of almost 90% compared to the net loss of $191 recorded in the previous period.