OYAK Mining Metallurgy company Eregli Demir ve Qelik Fabrikalari, Erdemir, announced that an agreement of 340 million dollars was signed with Yildiz Holding and Gozde Giriim for the purchase of Kumas Manyezit completely. With the legal approvals, the share transfer will take place.
Kumas founded in in 1972 is engaged in the production of magnesite based refractory with 3 facilities in Kutahya. Kiimas owns approximately 20 percent of the world's cryptocrystalline magnesite ore alone and is among the top 10 in the world in its field. 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. With this acquisition move, OYAK will achieve cost control and efficiency by ensuring vertical integration in its activities in the iron, steel and cement sectors.