Türkiye has imposed a record fine of TL 7 billion (approximately $220 million) on two companies in the steel industry amid extensive tax audits and investigations, reports said on Tuesday.

The fines on the two firms that were not disclosed followed a series of sectorwide tax reviews launched by the Treasury and Finance Ministry's Tax Inspection Board.

The investigations focused on companies allegedly manipulating prices, creating monopolies and using shell companies to issue fake invoices, defraud the public and gain unjust profits.

One of the firms was fined TL 5 billion, while the other received a TL 2 billion penalty, private broadcaster NTV reported.

It cited unnamed ministry sources as saying that further probes were underway and that additional fines, potentially exceeding the current record, could be expected. Investigations into other industry players are nearing completion, the report said.

Following the reports, two of the major steel companies, Isdemir and Erdemir, said in separate public filings that they were not among the firms subject to the fines. Another firm, Kocaer Çelik, also said it was not among the fined companies.

In addition to tax inspections, the Financial Crimes Investigation Board (MASAK) is investigating potential money laundering activities within the steel sector, the public broadcaster TRT Haber said.

To regularize the steel market, the Treasury and Finance Ministry has ramped up oversights and control mechanisms. Among these is the rebar tracking system, which monitors the production and usage phases of construction steel to ensure transparency and accountability.