Kümaş Manyezit Sanayi A.Ş., based in Kütahya, a city in the western region of Türkiye, is engaged in the production of refractory materials used in industries such as iron and steel, cement, and glass. The company operates magnesite ore reserves and supplies its products to both domestic and international markets.

The sellers, Gözde Girişim and its parent company Yıldız Holding, are Türkiye-based investment and industrial groups. Yıldız Holding has a diversified portfolio across sectors such as food, retail, and packaging, and is known for owning brands including Ülker and Godiva.

With this transaction, Erdemir, a flat steel producer under OYAK Group, acquired Kümaş for USD 340 mn, with the intention of supporting raw material supply.