Turkish steel producer Bastug Metalurji has been transferred to Tosyali Holding, one of the country's largest steel groups. The acquisition was completed on July 1, 2024, according to an announcement by Tosyali Holding.
Bastug Metalurji operates an electric arc furnace (EAF) steel plant with an annual production capacity of 1.2 million tonnes located in the Iskenderun region of Turkey. The company produces a range of long steel products, including rebar, wire rod, and sections.
The transfer of Bastug Metalurji to Tosyali Holding is part of the latter's strategy to expand its steel production capabilities and market share in Turkey. Tosyali Holding is one of the leading steel producers in the country, with an existing annual crude steel production capacity of over 9 million tonnes.
The acquisition is expected to strengthen Tosyali Holding's position in the Turkish steel market and allow the company to leverage Bastug Metalurji's production facilities and product portfolio. The combined entity will be able to better serve the growing domestic demand for steel products in Turkey.
Financial details of the transaction were not disclosed. The deal is subject to approval by Turkey's competition authority.