Cengiz Holding of Turkey ready to bid to acquire 150 year old British Steel Company
It is reported that Turkey’s Cengiz Holding Group will bid to buy the company if talks over the sale of British iron and steel producer British Steel to the Chinese JINGYE Group fail. The CEO of Cengiz Holding made a statement saying, “British Steel is an important organization and we are monitoring developments closely. We are ready to bid for the entire company”.
The JINGYE Group bid to buy the firm, in November and the bid amount was reported to be £ 50 million. The Chinese firm finally reported that they were trying to get the necessary approvals for the purchase.
ATAER Holding, another Turkish company had also shown interest in British Steel as well on which occasion it was informed the company had been bought by Chinese.
Dating back 150 years, British Steel has an annual production capacity of 4.5 million tons of crude steel. The company produces about 1500 Steel types.
Nearly 80 steel producers from around the world, mainly European manufacturers, had shown interest in buying the company, which is supposed to have entered into financial bottleneck on 21 May 2019 and was put up for sale through official authorities on the same date.
Cengiz Holding of Turkey which is also part of the Istanbul airport consortium, has attracted attention with its government projects in the country, in recent years. The company started its operations with the establishment of Cengiz Inşaat in 1987 and its annual turnover exceeds 5 billion dollars. Mehmet Cengiz is the chairman of the Board of Directors of Cengiz Holding.
