Turkey’s military pension fund owner, OYAK, will take over British Steel it said this morning in a release.
According to report, Britain’s second-largest steelmaker employs 5,000 workers and produces high-margin steel products used in construction and railways. It supports a further 20,000 jobs in its supply chain.
“We will continue to make our investments for the high benefit of our members and to take domestic and international steps with our growth-focused vision,” said OYAK General Manager Suleyman Erdem.
“It is expected that the due diligence process will be completed in October and if it is finalised successfully the transfer of the company will be completed by the end of this year,” OYAK said in a release.
Sarah Champion, Member of Parliament for Rotherham, said:
“Great news that Turkish army pension fund will buy British Steel, but why doesn’t our Government see the benefit to the UK and take them into public ownership?”