SCM Pulls Out Of Tender To Buy 46.12 In Erdemir.

SCM announced that the company had decided its original plans to integrate into the Turkish metallurgical mill were impossible under the present conditions. Particularly, SCM said that if Erdemir’s current investment program is carried out (especially the terms concerning the investment into its Isdemir plant), supplies of raw materials and semi-finished products supplied by SCM’s Ukrainian enterprises would be limited. According to SCM, if the requirements for the Isdemir investment program are changed, the company could have a considerable economic effect, however, because the Turkish Government has its own strategic interests, and following the privatization, retains the golden share with a right to veto, SCM decided not to participate in the tender.