Fresh Concerns Loom Over Turkish Oyak's Takeover of British Steel

SEATTLE (Scrap Monster): Trade union officials raised fresh concerns over the takeover of British Steel assets by the Turkish military pension fund. It must be noted that Turkish Oyak had recently reached an exclusivity agreement to buy the assets of the troubled steelmaker.

The trade union officials demanded that Oyak must provide clear assurance that the Scunthorpe site will not be used to supply Turkish military in future. The Turkish army’s invasion into Syria had led to severe protests from various corners. Incidentally, Oyak funds soldiers’ retirement payouts.The union officials have also released a report that reveals the ties between Oyak’s leadership and the Turkish army.

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The unions fear that the Turkish buyer may use the Scunthorpe site to produce steel that may be used in Turkish military operations. They have not been making public comments on fears that it may disrupt the negotiation process for the proposed takeover. Although the unions welcome the fact that the acquisition will secure around 4,000 jobs, which obviously is their first priority, it has sought detailed investment plans and assurance that the labour of Scunthorpe steelworkers will be exclusively for civilian use.

The Labour MP Lloyd Russell-Moyle too raised deep concerns. Meantime, a group of campaigners even urged the government to suspend the talks with Oyak.