The Competition Board approved the agreement signed by OYAK companies Ereğli Demir ve Çelik Fabrikaları T.A.Ş. (Erdemir) with Yıldız Holding and Gözde Girişim for the acquisition of entire Kümaş Manyezit.
The Competition Board approved the agreement signed by Erdemir, an OYAK Mining Metallurgy company, for the acquisition of Kümaş Manyezit, the world’s largest mining operator in qualified magnesite ore sector and the market leader in the refractory industry in Turkey. The transfer of shares of Kümaş Manyezit Sanayi A.Ş. is planned to take place after the receipt of other legal permissions and approvals.
Kümaş alone accounts for nearly 20 percent of the world's cryptotoxic magnesite ore and ranks among the top 10 in the world. Erdemir will achieve cost control and efficiency with the vertical integration of this acquisition.