Three steel giants eye on Erdemir

Three steel giants eye on Erdemir

Mittal Steel, Arcelor and US Steel, world's biggest steel producers, are interested in Erdemir privatization. According to the news published in Financial Times, Mittal Steel, Arcelor and US Steel, three steel giants are interested in sales of Erdemir shares. In the news in Financial Times, it is stated that the subject three steel giants expect steel consumption in Turkey to increase significantly within 10 years. Moreover, Erdemir plans to increase its production capacity from 3 million tons to 6 million tons within two years. Currently, 47% shares of Erdemir are listed on Istanbul Stock Exchange (IMKB) and most of the remaining shares are held by public. According to the news in Financial Times, Erdermir has increased value of its shares by four-fold since the beginning of 2003 and the company's market value has reached $2 billion.