Turkish army pension fund set to buy British Steel
Ataer Holding would then be given several weeks to try to buy British Steel – the owner of the Scunthorpe works – out of insolvency.
British Steel was put into compulsory liquidation in May, when the Official Receiver was appointed.
Ataer owns nearly 50% of Erdemir, Turkey’s biggest steel producer.
It is the investment vehicle of the Turkish Armed Forces Assistance Fund (known as Oyak), the pension fund for the country’s armed forces.
Some 5,000 jobs were put at risk – and 20,000 in the supply chain – when talks broke down in May between the government and British Steel’s owner, Greybull.
British Steel has about 5,000 employees. There are 3,000 at Scunthorpe, with another 800 on Teesside and in north-eastern England.
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The company was transferred to the Official Receiver because British Steel, its shareholders and the government were not able to, or would not, support the business.
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