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BRUSSELS, Belgium (AP) - Luxembourg-based steelmaker Arcelor SA said Wednesday it had been forced to back out of buying a stake in Turkey's state steel company, Erdemir, after Turkish regulators postponed a decision to clear the deal.
Arcelor said last week it sees Turkey and China as key growth areas for the future but has had trouble gaining a foothold in both regions.
"Arcelor recognizes that without all regulatory consents for a joint acquisition obtained in due time, the Turkish pension fund Oyak will close alone the acquisition of a 49.29 percent equity stake of Erdemir," the company said in a statement.
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