Hyundai Assan expresses interest in Erdemir

Hyundai Assan expresses interest in Erdemir

Hyundai Assan, a joint venture between Hyundai Motor and Kibar Holding, expressed interest in the privatization of Turkey's Erdemir. With this announcement, Hyundai Assan became the first Turkish company to show an interest in Erdemir. Hyundai Assan CEO Ali Kibar indicated that they may participate in the Erdemir tender either alone or with a partner; however, he added that it is too early to say before seeing the terms of the tender. South Korean automobile producer Hyundai Motor operates in Izmit, Turkey, through a 50-50 joint venture with Assan. The company produces 60'000 automobiles per annum. Mittal Steel, Arcelor, Corus, US Steel, Severstal and Novolipetsk are among Erdemir's other suitors.