Alan Madison, a spokesman for Borusan Mannesmann's United States subsidiary, said the company and its Turkish parent were still studying Trump's new proposal and declined to comment further.
In the first three months of 2018, Turkish steel exports to the United States fell almost 50 percent over the same period in 2017, making it the only top-10 source of US steel imports to see a decrease, according to the US Commerce Department.
Investors dumped euro zone bank shares on Friday on concerns about their exposure to Turkey as the lira fell to yet another record low with a defiant government showing few signs it is ready to take decisive steps to stabilise the currency.
President Tayyip Erdogan told Turks to exchange gold and hard currency into lira on Friday, framing Turkey's currency crisis as a "national battle" against economic enemies.
"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".
The Turkish lira suffered its worst one-day loss in a decade Friday after President Donald Trump announced that the United States would hike tariffs, prompting investor confidence to slump.
He does have an understandable reason: Turkey has been holding an American pastor captive for 21 months, on grounds that the preacher was involved in the failed coup attempt against Turkish president Recep Tayyip Erdogan in 2016. Speaking in the northeastern province of Gumushane, Erdogan said, "Apparently, those who believe they can force us to capitulate don't know [our] people at all".
The lira has been under sustained pressure on foreign exchanges, dropping by nearly 50% against the dollar in the past 12 months.
Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing Brunson.
The decline has also hit European stocks today, with the Stoxx Europe 600 falling three per cent earlier on today. On Friday morning, he told his followers in the remote eastern province of Bayburt that "the dollar or anything like it will not be able to stop us going on our way".
What's happening to Turkey's currency right now?
State Department Spokesperson Heather Nauert told reporters on August 9 that the United States would define progress in relations with Turkey with Brunson's return to the United States.
Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row between Turkey and the United States on Saturday, accusing Washington of an "addiction to sanctions and bullying". And under Turkey's new executive presidential system, Erdogan pretty much calls all the shots.
The lira has lost more than 40 percent this year. The dollar capped its best week since June as the lira sank to a record.
Turkey wants the United States to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed.
These tensions and tariffs indicate a deterioration of the U.S.
Albayrak, who formerly served as energy minister, on Friday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.
Waves from the crisis spread overseas, with investors selling off shares in European banks with large exposure to the Turkish economy.