Turkish military fund reaches deal to buy British Steel2019|01:05
British Steel goes Turkish. OYAK is the pension fund for Turkey's military - and, if all goes well, is soon to be the company's new owner. For 5,000 British Steel workers in Scunthorpe in northern England - plus 20,000 in its supply chain - it could be welcome news. Their jobs have been under threat since the firm was put into liquidation in May, when owners Greybull Capital failed to secure funding to continue operations. After decades of under-investment, they bought British Steel for just one pound from Tata Steel three years ago. An affiliate of OYAK has nearly 50 per cent of Turkey's biggest flat steel producer. That does raise concerns over steel dumping, according to the Unite trade union. U.S. tariffs have pushed surplus steel into Europe, especially from Turkey. It's currently the EU's biggest foreign steel supplier. Unite also called on the British government to stave off risks associated with Brexit. OYAK and British Steel hope the provisional deal reached on Friday (August 16) will close by the end of the year.