Turkish military fund reaches deal to buy British Steel

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Turkish military fund reaches deal to buy...
 © In-Cyprus 2019
Turkey’s military pension fund OYAK has reached a provisional agreement to take over British Steel, it said on Friday, adding it planned to close the deal by year-end.

Britain’s second-largest steelmaker employs 5,000 workers and produces high-margin steel products used in construction and railways. It supports a further 20,000 jobs in its supply chain.

The company was put into compulsory liquidation on May 22 after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.

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This article was automatically added to our system 16-8-2019

Turkish military fund reaches deal to buy British Steel


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Article Tags: turkish, military, reaches, british, steel,