ArcelorMittal reduces its share in Erdemir

ArcelorMittal, the world's largest steel producer, 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 came after a stock rally that provided the BIST 100 index to close at a record high on January 2. The index has decreased since then and recorded the steepest daily decrease in 10 months on Thursday.

A representative of ArcelorMittal confirmed the share sale without further comment. Erdemir, on the other hand, did not comment.

Erdemir's shares decreased by 6.6 percent on Thursday, while the trading volume of the shares reached the highest level since 2005, when Arcelor decided to invest in the Turkish company.