Jan. 6, 2021 – Turkish integrated steelmaker OYAK Mining and Metallurgy Group has announced that its subsidiary Erdemir has acquired Turkey-based magnesia refractory material producer Kümaş Manyezit, signing a purchase agreement worth $340 million with the latter’s shareholders Yıldız Holding and Gözde Girişim.

“By acquiring this asset, which is important for our country and national resources, we have brought our country to a strategic position in this field with the asset’s rich reserve and raw material advantage, creating opportunities in terms of raw material supply for our domestic industrialists and export potential,” said Suleyman Savas Erdem, General Manager of OYAK and Chairman of the Board of Erdemir.

With its three pants in Kutahya in Turkey, Kümaş meets the need of magnesia refractory material of Turkish steelmakers. The company managed to increase its total sales volume by 14 percent in 2020 compared to the previous year and it exports to more than 50 countries with an annual ore processing capacity of approximately 1.2 million tonnes.