Turkish Oyak reaches initial deal to buy British Steel
In line with its regional leadership target, Ataer Holding, a subsidiary of Oyak, the pension fund, made an offer to buy the steel producer, said the statement.
The British fund was put on the market by the official authority this May due to financial woes.
"If the detailed analysis process results in success in October 2019, the handover is expected to be finished during 2019," Oyak said.
It has the capacity to produce 4.5 million tons of raw steel annually, and manufactures rail, construction steel, special profiles, and wire rod.
Oyak, established in 1961, is active in several sectors including mining, cement, automotive, finance, chemistry, metallurgy, and energy.
Its assets and exports reached $19.1 billion and $4.7 billion, respectively, as of the end of 2018.