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Arcelor interested in Erdemir stake
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Arcelor, the world's largest steel maker, said it was interested in buying the stake in Turkey's Eregli Demir Celik (Erdemir) that the government planned to sell next year. Arcelor also said it would increase by 5 per cent of its supply of flat carbon steel to European car makers next year due meet rising demand. Arcelor steel is present in half the cars made in Europe. The Turkish government has appointed a group of advisers to look into the sale of the state's **46.12 per cent stake in Erdemir, the country's biggest steel maker. The sale is part of a privatisation backed by the International Monetary Fund (IMF). The government has yet to make clear whether the sale will take the form of a block sale or a public offering. 'We plan to participate,' Arcelor spokesman Jean Lasar said. 'We are interested. It (Turkey) is an interesting market.' Lasar said Arcelor saw it as a base to expand not only in Turkey but also in the Middle East. Another 49 per cent of Erdemir is listed on the Istanbul Stock Exchange. The steelmaker expects to bid for a **49 percent stake in Turkey's Eregli Demir Celik Fabrikalari AS, which will be auctioned by the government in the first quarter of next year. The price may be about $1 billion. |
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Borusan Mannesmann wins $53 million pipe contract in MiddleEast...
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Having finalized Baku-Tblisi-Ceyhan project in Q1 2004 and started deliveries for the Sonatrach project in Algeria in August, Mannesmann has won another sizeable energy tender for pipes for Israel's natural gas pipeline of Israel National Gas Lines Company Ltd. The project, comparable to BTC in terms of size and scope, involves the construction of a 300 km natural gas pipe line running from Haifa to southeast Israel. Mannesmann will supply high quality spiral pipes worth $53 million in a time horizon of 3 years. The first phase, corresponding to $20 million, will be finalized within 2005. The deal is a debut in Turkish pipe industry, as an international large diameter gas pipe project of this size will be supplied by a single producer. With this project Mannesmann, which is on the verge of merger with Borusan Boru, will guarantee a continuous project sales volume and profitability for three years and will add to its credentials in international markets. In spiral pipe business, Mannesmann is a reputable player with asolid track record. The company has been part of the major energy projects in Turkey in the last decade including Blue Stream, Iran-Turkey and Russia-Turkey and expansion of the domestic natural gas network. The company’s performance in BTC project paved the way for the success in international tenders. The company has been awarded the Sonatrach crude oil pipeline project in Algeria for the delivery of 100 km of spiral pipes worth €18 million in May 2004 while the project will be finalized in January2005. Mannesmann also acquired the first project issued by the new Iraqi government after the war. The project involves the supply of spiral pipes worth $6 million for a crude oil pipeline of 52 km for a power plant. Mannesmann will continue to be a key bidder for the upcoming projects in the Mediterranean & Middle East region. |
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