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acquisition will be ‘asset buying’ rather than a ‘share transfer’ and speculation that the acquisition may impact Erdemir’s production performance looks misleading.”
Erdemir says it utilises 95% of its capacity, making it highly efficient. ● Kardemir
Kardemir’s liquid steel output reached 1.16 mn tonnes in the first half of this year, down from the 1.2mn tons of production posted for the same period of 2018.
The steelmaker’s primary sales stood at 1.19mn tonnes in January-June, up from 1.12mn tonnes a year ago.
Kardemir’s net income declined to Turkish lira (TRY) 170mn in the first half of 2019, from TRY439mn in the same period of 2018 even though its sales revenues increased to TRY3.3bn from TRY2.6bn.
9.2.10 Other sector corporate news
● Arcelik
South Korea’s LG Electronics has filed patent infringement lawsuits against Turkish home appliances manufacturer Arcelik and its German affiliates Beko Deutschland and Grundig Intermedia. “The suits centre on the unlicensed implementation of LG’s freezer door-ice making technology featured in a number of the companies’ refrigerators sold in Europe,” LG said in a statement on September 25.
Shares in Arcelik, owned by Turkey’s largest industrial group Koc Holding, declined 0.49% d/d to TRY18.42 per share on the day news of the lawsuits broke.
103 TURKEY Country Report October 2019 www.intellinews.com