Reuters reported that a Turkish competition investigation into Erdemir units could be concluded before the end of 2008.

Mr Nurettin Kaldirimci president of Competition Board said that an investigation into the companies was launched in April 2008, after complaints of vertical agreements and since then the scope of the investigation has been broadened. If the companies are found to have breached competition laws they could face heavy fines. He added that "The board has taken into consideration the developments in the sector of the past year and other complaints, and has increased the scope of the investigation."

Mr Kaldirimci also said that the watchdog had taken note of ArcelorMittal's announcement that it had increased its stake in Erdemir to almost 25%, but would not intervene at this stage. The watchdog has also been asked by the energy market regulator EPDK to look into whether fuel retailers were working in concert to set prices.

He said that "I can say the picture does not look very good. It is not pleasing to see in one province distributors with different brands, at the same place, advertising the same prices, even down to the decimals. That generally can be interpreted as a breach of competition laws."

The board is already carrying out a study into the sector including a look at prices and could launch an investigation into whether companies are working in concert to set prices.

The investigation concerns leading Turkish steel maker Erdemir, ArcelorMittal Ambalaj, ArcelorMittal Celik, and Borcelik, which is part owned by ArcelorMittal.