ECONOMY

Arcelor for Erdemir?

CHARLEROI, Belgium (Reuters) – Arcelor, the world’s second-biggest steelmaker, showed yesterday it still had interest in pursuing a possible partnership with Turkish peer Erdemir, but said it would take time. Asked by Reuters whether he was hopeful of an eventual partnership with Erdemir, Arcelor Chief Executive Guy Dolle said, «We will have to see about that, but in any case it will take some time.» Arcelor had wanted to acquire Erdemir jointly with Turkey’s Oyak Group. Oyak, the Turkish army’s pension fund, won a tender for a 46 percent stake in Erdemir last October, trumping Arcelor and others. It then sold Arcelor a 41 percent stake in a company created to buy Erdemir, but said on Wednesday it had dropped that deal in order to avoid financing and legal delays. Both Arcelor and Oyak have previously said the agreement could be revived.