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The number two steel in Britain, British Steel is about to be bought by a fund of the Turkish army. This acquisition could save 4,000 jobs. Lindsey Parnaby / AFP

British Steel is about to be taken over by the Turkish military pension fund, Oyak. The announcement, which fell on Friday, August 16, could save the 4,000 jobs number 2 steel in Britain. And reminds of the importance of Oyak in the Turkish economy.

The pension fund of the Turkish army was chosen by the court administrator to get British Steel out of bankruptcy among all contenders. The choice seems justified since the Oyak pension fund is well acquainted with the steel sector. It already owns 49% of the Turkish steelmaker Erdemir whose activity would be complementary to that of British Steel.

A buyback by the end of the year

Two national symbols are getting closer behind this announcement. On the one hand the number two steel in Britain, a country in which the iron and steel industry is a legacy of the Industrial Revolution. And on the other, a pension fund created in 1961, a year after a military coup, and which is today a symbol of the importance of the army in Turkey.

This is not the first time Oyak has turned to Western Europe. An Oyak-Renault joint venture has existed for 50 years. In addition, ten years ago, the fund bought back part of the activities of French cement maker Lafarge.

Regarding British Steel, Oyak has expressed this Friday, the desire for a buyback by the end of the year.