Turkey’s Oyak Wants British Steel’s Supply Contracts Revised

A Turkish group’s acquisition of British Steel depends on lowering the cost of contracts the U.K.’s No. 2 steelmaker holds with its suppliers, according to a person familiar with the matter, Bloomberg News reported. Oyak Group, which manages military pensions, entered exclusive talks in August to buy British Steel, the first step in a rescue that could save about 5,000 jobs in the U.K.’s manufacturing heartland. The due diligence undertaken by Oyak’s Ataer Holding unit over the past two months found that some supply deals were uncompetitive and wants them to be revised, the person said, asking not to be identified as the process was private. Despite obstacles, Oyak still wants to acquire British steel, another person familiar with the matter said. Read more