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Local Group Wins Turkish Steel Prize

Just a day after Turkey began negotiations on joining the European Union, the Oct. 4 sale of a controlling 46% stake in the country's largest steelmaker, Erdemir, was accompanied by a whiff of economic nationalism. Mittal Steel () and Arcelor, global No. 1 and 2, have been circling Erdemir for months, but the Turkish military pension fund, OYAK, grabbed the prize. Arcelor and Mittal dropped out after it became clear that local buyers were ready to pay just about any price. The winning bid values Erdemir at close to $6 billion -- nearly twice its Oct. 3 market cap. Arcelor said the final price exceeded that "at which Arcelor believes the transaction would have created an appropriate level of value for shareholders."

EDITED BY Edited by Rose Brady

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