Turkish steel producer Siddik Kardesler Haddecilik has filed for bankruptcy protection with the Istanbul Anatolian 2nd Commercial Court, which has granted the company a three-month temporary protection period, according to local media reports.
The move highlights the mounting financial strain facing Turkey’s steel industry, which has been grappling with soaring energy costs, currency volatility, and weakening global demand. The company’s total debt stands at TRY 3.6 bln (USD 90 mln), and it employs around 420 people across two major production facilities located in the Gebze and Dilovasi districts of Kocaeli.
During the temporary protection period, the company will seek to restructure its finances and engage in negotiations with creditors. The process will be closely monitored, with the aim of stabilizing operations and enabling the firm to meet its financial obligations.
Siddik Kardesler ranked 304th on the Istanbul Chamber of Industry’s 2023 list of Turkey’s 500 Largest Industrial Enterprises. Its operations include a meltshop in Dilovasi with an annual billet production capacity of 600,000 tons, launched in 2016, and a rolling mill in Gebze producing 150,000 tons of rebar per year since 1983.
1 USD / 39.8 TRY
