🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UPDATE 1-Turkey's Erdemir ordered to end Arcelor partnership

Published 06/19/2009, 11:55 AM
Updated 06/19/2009, 12:00 PM
MT
-

* Erdemir ordered to end partnership with ArcelorMittal

* Competition Board also fines Erdemir 20.12 million lira

(Updates with details, background)

ISTANBUL, June 19 (Reuters) - Erdemir, Turkey's largest steelmaker, said on Friday it was fined 20.12 million lira ($13 million) for violating competition rules and was ordered to end its partnership with ArcelorMittal.

Erdemir said in a statement it would appeal the decision by the government's Competition Board.

The Ankara-based board said Erdemir's purchase of a 25 percent stake in ArcelorMittal Ambalaj Celigi, a Turkish unit, was illegal.

It also ordered Erdemir to terminate its stake in Borcelik, a Turkish flat-steel producer, that is also owned by ArcelorMittal, the world's largest steelmaker, and Istanbul-based Borusan Holding.

Erdemir said in September it was ending its partnership with ArcelorMittal in Borcelik, a flat-steel producer.

Shares in Erdemir rose 3.3 percent to 4.36 lira on Friday. The statement came after the bourse closed. (Writing by Ayla Jean Yackley; Editing by David Jones)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.