Meta§ which is the first private steel factory with arc furnace technology, begins to implement the “turnaround” strategy during the 90’s. This case aims to determine the reasons that cause the turnaround strategy and the strategic decision streams through the turnaround. Meta$ could not succeed financially in the extensive competition of the 80’s eventhough having better production techniques compared to it’s competitors, having a company image accompanied by the “quality” concept, and sufficient social right given to its workers. After the production was stopped it began to exercise turnaround strategy by the help of the funds that were injected by the government. Production started again and necessary structural changes were done. As during the privatization period the government gave way to survival by nationalization, this regeneration period has a special feature. Also it’s importance comes from the fact that this case is a successful example of a turnaround that was done by a big scaled firm in Turkey. In this case, the Meta§’ turnaround is examined. Starting from the reasons creating crises together with the environmental conditions the case is set on the general turnaround explanations. In the research part, the chronological determination of strategic areas results in generic strategies. So by this method, the strategic ways reaching to turnaround strategies and the effects of turnaround strategy on Meta§’ organizational life is examined.