(Bloomberg) -- ArcelorMittal SA, the world’s biggest steelmaker, has further reduced its stake in Turkey’s Erdemir this week, leaving it with just 2% of the company, according to people with knowledge of the matter.

Arcelor sold about half of the shares it held in Eregli Demir ve Celik Fabrikalari TAS — as the Turkish steelmaker is officially known — acting mainly via two local brokerages, said the people who didn’t want to be named because the transaction has not been officially disclosed.

Erdemir declined to comment. ArcelorMittal’s Amsterdam office also declined to comment.

The sales mark the continuation of a process that started in 2012, when ArcelorMittal started reducing its Erdemir holding as part of a strategy to focus on its core assets. It sped up the divestment in early-2023, with Erdemir’s official ownership data showing the size of Arcelor’s stake at less than 5% in March 2023, down from 12.1% at the end of the previous year. 

Erdemir shares fell 3.5% on Friday to 46.6 liras. They shed 5.3% of their value this week, their biggest decline in four months.

--With assistance from Tugce Ozsoy.

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