KIEV, Sept. 26 - System Capital Management (SCM), a diversified group owned by Rinat Akhmetov, Ukraine's wealthiest businessman, withdrew its bid for 49% stake in Erdemir, the largest Turkish steelmaker, the group said in a statement Monday.

SCM decided to drop the bid amid concerns that investment commitments that have been specified by the Turkish government for buying the stake in Erdemir, or Eregli Demir Celik Fabrikalari TAS, had been too burdensome.