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Kardemir Denies Charges of Unfair Sales Practices, Dunya Reports

Nov. 1 (Bloomberg) -- Kardemir Karabuk Demir Celik Sanayi & Ticaret AS, a Turkish steelmaker, denied assertions by a group of milling companies that it’s selling cut-price steel products to mills owned by its managers, Dunya reported.

The milling companies said in full-page newspaper advertisements yesterday that Kardemir is selling steel to the Yolbulan, Yucel and Gulec families at reduced and uncompetitive prices, the newspaper said. Fadil Demirel, Kardemir’s chief executive officer, denied the charges in an interview with Dunya and said he’ll take the mills to court.

Kardemir was a state asset that was turned over to its employees at a symbolic price in 1994, Dunya said, adding that the original owners lent the company money the next year and received in exchange a right of first purchase of its products.

Sales to the families are made at competitive and transparent market prices in line with company policy and market regulations, the newspaper cited Demirel as saying.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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