22.02.2026 15:00
The Bursa 17th Heavy Penal Court ruled for the transfer of the management of Sivas Iron and Steel Factory (SİDEMİR), which was once among the top 50 industrial enterprises in Turkey, to the Savings Deposit Insurance Fund (TMSF); the court left the option to appeal the decision open.
The critical decision regarding Sivas Iron and Steel Factory (SİDEMİR) has been officially made; the Bursa 17th Heavy Penal Court ruled for the management to be transferred to the Savings Deposit Insurance Fund (TMSF) based on the expert report regarding the mismanagement of the factory.
THE DECISION WAS LEFT OPEN TO APPEAL
According to the court's decision, it was decided that the duties of the previously appointed trustee personnel in the management of SİDEMİR would be continued by TMSF as a precaution, and the liens on the company would be maintained until the decision becomes final. The decision was left open to appeal.
IT WAS AMONG THE 50 LARGEST COMPANIES IN TURKEY
Once considered one of the 50 largest industrial enterprises in Turkey, SİDEMİR produced construction rebar and steel products with an annual production capacity of 720,000 tons, but in recent years, it had to suspend production due to economic and legal issues; difficulties such as not being able to pay employees' salaries were experienced.
Since its privatization in 1998, the factory has been in the news due to debt and operational problems, and there have been transitions to TMSF management in the past, with prolonged uncertainties occupying the agenda.