• Most Popular
  • Most Shared

UPDATE 1-Turkey's Erdemir ordered to end Arcelor partnership

Fri Jun 19, 2009 11:54am EDT

Stocks

   

* Erdemir ordered to end partnership with ArcelorMittal

* Competition Board also fines Erdemir 20.12 million lira

(Updates with details, background)

ISTANBUL, June 19 (Reuters) - Erdemir (EREGL.IS), Turkey's largest steelmaker, said on Friday it was fined 20.12 million lira ($13 million) for violating competition rules and was ordered to end its partnership with ArcelorMittal (ISPA.AS).

Erdemir said in a statement it would appeal the decision by the government's Competition Board.

The Ankara-based board said Erdemir's purchase of a 25 percent stake in ArcelorMittal Ambalaj Celigi, a Turkish unit, was illegal.

It also ordered Erdemir to terminate its stake in Borcelik, a Turkish flat-steel producer, that is also owned by ArcelorMittal, the world's largest steelmaker, and Istanbul-based Borusan Holding.

Erdemir said in September it was ending its partnership with ArcelorMittal in Borcelik, a flat-steel producer.

Shares in Erdemir rose 3.3 percent to 4.36 lira on Friday. The statement came after the bourse closed. (Writing by Ayla Jean Yackley; Editing by David Jones)



More from Reuters

Photo

Microsoft loses Word appeal, will adjust program

SEATTLE (Reuters) - Microsoft Corp said on Tuesday it will tweak its Word application to remove a feature judged to be a breach of patent, ensuring that it will be able to continue selling one of its most widely used programs.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
Soldiers look on as U.S. Secretary of Defense Robert Gates speaks to soldiers at F.O.B. Warrior in Kirkuk, Iraq December 11, 2009. REUTERS/Justin Sullivan/Pool

Are you pregnant? Sir! No, Sir!

There are some 115,000 U.S. troops in Iraq -- and one commander wants to make sure his soldiers don't multiply.  Full Article 

Politics