ArcelorMittal reduces its stake in Erdemir

The world’s largest steelmaker, ArcelorMittal, has sold 2 percent of its shares in Ereğli Iron and Steel Factories (Erdemir). The world’s largest steelmaker, ArcelorMittal, has sold some of its shares in Ereğli Iron and Steel Factories (Erdemir). Arcelor sold 2 percent of its shares in the Turkish company. The company held 12 percent of Erdemir shares before the transaction. The sale followed a stock rally that brought the Borsa Istanbul 100 index to a record close on Jan. 2. The index has since declined, recording its steepest daily decline in 10 months on Thursday. An ArcelorMittal representative confirmed the share sale without providing additional comment. Erdemir did not comment. Erdemir’s shares fell 6.6 percent on Thursday, while the trading volume of the shares reached its highest level since 2005, when Arcelor decided to invest in the Turkish company.