Turkish steel producer Baştuğ Metalurji will be operating as part of Turkey’s Tosyalı Holding as of July 3, SteelOrbis has learned.
Baştuğ, having held talks with potential buyers against the backdrop of its financial problems, has stated that the company has been transferred to Tosyalı Holding and that layoffs have been stopped for the time being. More details will be shared in the coming days. Meanwhile, Tosyalı Holding has said that the parties have agreed in principle on the transfer of all the shares and assets of Baştuğ to Tosyalı Holding, with the transfer to be completed upon necessary regulatory approvals.
Sources say that Baştuğ’s facilities have been idle for the past three months and it is not yet known when they will resume production. If and when production restarts, Tosyalı will have additional billet capacities.
Baştuğ has 2 million mt of crude steel capacity and 1.25 million mt of rolling capacity, while Tosyalı has 6 million mt of crude steel capacity. With production resuming at the Baştuğ facilities, Tosyalı’s total crude steel capacity will reach 8 million mt, making the company the second biggest steelmaker in the country after Oyak Maden Metalurji.
Tosyalı currently produces billet, wire rod, merchant bars, slab, HRC, CRC, coated steel and pipes.