Turkish firm acquires Rusian mining assets

MOSCOW/ISTANBUL

Turkey’s Yıldırım Group announces the acquisition of ferroalloy assets from Russian coal company Mechel for $425 million after an international tender. Company photo

Turkey’s Yıldırım Group has announced the acquisition of ferroalloy assets from Russian coal company Mechel for $425 million.

A total of eight companies had presented their offers to the Russian firm, but the Turkish group – Turkey’s biggest chrome ore producer – emerged the winner after a highly competitive international tender, the firm said in a statement released Aug. 2.

Mechel is selling include its Kazakh mining plant with probable chrome ore reserves of 20 million tons, as well as its Tikhvin plant in Russia, which produces 120,000 tons of ferrochrome per year, it said.

With the acquisition of Mechel’s ferroalloy assets, the Yıldırım Group will increase its control over high-carbon ferrochrome to 520,000 tons at facilities in Turkey, Sweden and Russia, Yıldırım Group Chairman and CEO Yüksel Yıldırım said.