Company that ranked in Turkey's top 50 transferred to TMSF

The Sivas Iron and Steel Factory (SİDEMİR), remembered for the periods when it was listed among Turkey's largest industrial enterprises, is being transferred to the management of the Savings Deposit Insurance Fund (TMSF) following a judicial process.

Acquired by businessman Erol Evcil in 1998 as part of a privatization process, SİDEMİR operated in the production of construction steel and wire rods with an annual production capacity of 720 thousand tons. The facility, which produced 100 to 160 millimeter square billets, exported to the European, Middle and Far Eastern, African, and American continents, in addition to the domestic market.

However, due to financial and administrative problems experienced in recent years, the factory has been unable to produce for approximately four years. The business, which was forced to lay off workers, could not pay the salaries of the remaining employees. Numerous lawsuits were filed against the company due to accumulated worker receivables and public debts.

Within the scope of the ongoing cases, the Bursa 17th High Criminal Court based its decision on an expert report prepared by the Sivas 3rd High Criminal Court on November 30, 2025. The report determined that the factory could not be managed effectively and that this situation led to a serious decline in the economic value of the facility.

The court ruled that the duties and powers of the previously appointed trustee be exercised by the TMSF as a precautionary measure, and that the liens on the company remain in place until the decision becomes final. It was stated that the right to appeal the decision remains open.

News Source: İHA