OYAK targets British Steel bid

Turkish cement producer OYAK has become the front runner in the bidding to buy British Steel. The Turkish pension fund has been talking with the UK government to takeover British Steel via Ataer Holding, a wholly owned investment vehicle of OYAK, reports the Financial Times.

OYAK is already a diversified company with businesses in cement, agriculture, mining and energy and a joint venture with Renault.

British Steel has been in liquidation since May 2019. OYAK could use slag as a byproduct from the steel making as raw materials for its cement business.