Turkish army pension fund to buy British Steel

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Steel production at British Steel's Scunthorpe plantImage copyright
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Turkey’s military pension fund has reached a tentative deal to take over British Steel.

The Turkish Armed Forces Assistance Fund (known as Oyak) said it planned to take control of British Steel by the end of the year.

Accountants at its investment arm, Ataer, have exclusive rights to the insolvent firm’s books, so that they can examine the state of its finances.

British Steel was put into compulsory liquidation in May.

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