Karabuknet Habar reported that an agreement was reached in the 29 Term Collective Bargaining Agreement negotiations between the Ereğli Iron and Steel Factories established in the Ereğli District of Zonguldak and the Turkish Metal Union authorized in the company. As a result of the agreement made on 23 articles, the remaining majority of which covers material issues, in the contract, which consists of 89 articles in total, covering 4320 personnel in the company, the new rates in salaries are hiked by 45% raise. While the average salary of an Erdemir worker is now TRL 24,000-25,000, up from TRL 27,000-28,000 for last three years Erdemir, which began production in 1965, has a production capacity of 8.5 million tonnes per year of crude steel in 2020 value. It is the largest iron and steel company in Turkey and was the only flat steel producer till January 2009. It produces plates, hot and cold rolled sheet and tinplate. Its main plant is located on an area of approximately 4 square kilometers at Karadeniz Eregli, Zonguldak on the shore of the Black Sea. Erdemir operates a large seaport, the Port of Erdemir, to import and export materials. Turkish Armed Forces Pension Fund OYAK acquired a 49.29% stake in Erdemir on 4 October 2005 for USD 2.77 billion in a televised auction. The fund acquired 46.12% from the Turkish Privatization Administration OIB and it was also obliged to purchase an additional 3.17% stake from a Turkish bank. OYAK beat out five other bidders for Erdemir. This included Mittal Steel, Arcelor, Novolipetsk Steel and Severstal, which bid in consortium with the Nurol-Limak-Ozaltin-Alkol Pazarlama joint venture group.