Turkey-based special steel producer Yükselen Çelik A.Ş. has announced that it has acquired Istanbul-based Ramateks Metal Sanayi ve Ticaret A.Ş., part of Russian steelmaker Mechel. The acquired company operates in the special steel business.
Yükselen Çelik CEO Barış Göktürk stated that, in line with the agreement signed with Mechel on October 15, 2013, all of Ramateks Metal's assets have been transferred to Yükselen Çelik.
As a result of the acquisition, Yükselen Çelik will have access to a larger market in automotive and equipment industries as well as to customers operating in the die steel industry. The company said that the automotive and equipment industries in Turkey meet their special steel needs through imports.
The agreement means that Mechel, which has 80,000 employees worldwide and an annual turnover of $35 billion, no longer has a presence in Turkey. Mechel entered the Turkish market in 2009 via the acquisition of Ramateks Metal for approximately TRY 30 million.