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Turkish company Ataer Holding has been selected as the preferred bidder for British Steel, saving thousands of jobs at the steel manufacturer.

Ataer Holding, backed by a Government support package, had been picked as having the strongest offer for British Steel. The investment arm of OYAK, Turkey’s military pension fund, made the formal offer for the whole of British Steel.

Now selected as the preferred bidder, OYAK plans to take over the company by the end of the year. OYAK is the largest shareholder in Turkish steelmaker Erdemir.

The steel manufacturer went into compulsory liquidation in May, putting 5,000 jobs at risk as well as 20,000 in the supply chain.

Read more here.

Michael Tyrrell