Turkish steel pipe maker Erciyas Çelik Boru has announced that the Capital Markets Board (CMB) of Turkey has rejected the request made for a merger between Erciyas Çelik Boru and another Turkish steel pipe producer Özbal Boru. Erciyas Çelik Boru stated that the merger decision was taken to help Özbal Boru to overcome financial distress and provide it with a sustainable financial and capital structure, as well as to protect the small investors who had invested in Özbal Boru. Erciyas Çelik Boru indicated that the merger request has now been withdrawn.
In November 2015, Özbal Boru signed an agreement to transfer 51 percent of its shares to Erciyas Holding, the parent company of both Erciyas Çelik Boru and Özbal Boru.