ArcelorMittal sells stake in Turkish steel maker

ISTANBUL / BRUSSELS - Reuters

ArcelorMittal, one of the world’s largest steel manufacturers, has sold 6.6 percent of its stakes in the Turkish iron and steel company Erdemir for $267 million.

ArcelorMittal reduced its stake from 18.74 percent to 12.08 percent in Erdemir after the sale, it announced to the Public Disclosure Platform (KAP) yesterday. The company also made a commitment that it wouldn’t sell the rest of its stake during the next 180 days.

Erdemir’s share price was closed at 2.44 Turkish Liras on Oct. 7 but the share sale price was 2.30 liras with a 6 percent decrease, Burgan Investment Analyst Umut Öztürk said. He noted that around a 5-6 percent discount is normal for big sales.

Turkey’s Ataer Holding has a 49.29 percent stake in Erdemir. While a 47.63 percent stake opened to the public, Erdemir has only 3.08 percent in stake.