05.11.2026 21:00
The Izmir-based iron and steel company, which holds an important place in Turkey's export market and sells across a wide geography from Europe to Latin America, has filed for concordat. The court issued a three-month temporary respite decision for the company, which has a history of approximately 29 years.
The Izmir-based iron and steel company, which exports to Europe, North Africa, the Middle East and Latin America, has filed for concordat. The Izmir 2nd Commercial Court of First Instance also granted a three-month temporary moratorium to another company connected to the company.
Financial difficulties of companies operating in Turkey's industrial sector continue to be reflected in concordat applications. Most recently, Izmir Çelik Sanayi AŞ, which has been operating in Izmir for about 29 years and has also established a place in the international market, and İzçe Dış Ticaret AŞ applied for concordat. The court issued a three-month temporary moratorium decision for the two companies, effective from November 2, 2026.
THE 29-YEAR-OLD COMPANY'S EXPORT NETWORK IS WIDE
Izmir Çelik Sanayi, operating in the scrap and steel trade in Bornova, was founded in 1997 by Mahmut Temurtaş and Ramazan Temurtaş. The company, which has been operating in the sector for about 29 years, has served various fields ranging from automotive sub-industry to spare parts, from heavy machinery production to the defense, agriculture and white goods sectors.
In addition to its operations in Turkey, the company has exported to many regions, primarily Europe, North Africa, the Middle East and Latin America.
CONCORDAT APPLICATION ONE MONTH AFTER THE TRANSFER OF THE COMPANIES
It was noteworthy that the companies that applied for concordat applied to the court before even one month had passed since their transfer by the Temurtaş family to Caner Bolat.
The Izmir 2nd Commercial Court of First Instance issued a three-month temporary moratorium decision for Izmir Çelik Sanayi AŞ and İzçe Dış Ticaret AŞ. During this process, the financial situations of the companies will be evaluated under court supervision.
CONCORDAT DOES NOT MEAN BANKRUPTCY
The temporary moratorium decision issued by the court does not mean that the companies have gone bankrupt. The concordat process is carried out for the purpose of restructuring debts and evaluating the financial situations of the companies. Inspections regarding the financial situation of the companies will continue throughout the three-month temporary moratorium.