Turkey's giant company in the iron and steel sector has declared concordat!

İzmir Çelik Sanayi and İzçe Dış Ticaret, two steel firms operating in İzmir since 1997, have filed for concordat (court-supervised debt restructuring), and the court granted both companies a three-month provisional grace period. The filing marks one of the more significant insolvency proceedings in Türkiye's iron and steel sector, a key export industry. The provisional period shields the companies from creditor claims while they negotiate a restructuring plan with lenders. What to watch next is whether the court extends the grace period beyond three months and whether the firms submit a viable repayment schedule acceptable to creditors.