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Magnesia and Refractories Major Kümas Acquired by Turkish Steel Leader Erdemir

Friday, February 12, 2021

One of the world’s leading magnesite producers, Kümas Manyezit Sanayi (Kümas) has been acquired by the country’s leading steel producer Erdemir for USD 340 million. Erdemir is part of the Mining Metallurgy Group of OYAK, Turkey’s largest complementary occupational pension fund with assets worth around USD 16 billion, headquartered in Ankara.

OYAK has a wide ranging industrial and services portfolio, including its Chemicals Group which acquired world leading speciality alumina producer Almatis in 2015. Both Kümas and Almatis supply the global refractories market with key raw materials.