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News

OJSC Magnitogorsk Iron and Steel Works (MMK) signs share purchase agreement with MMK-Atakas

OJSC Magnitogorsk Iron And Steel Works (MMK) : 11 March, 2011  (Company News)
OJSC Magnitogorsk Iron and Steel Works (MMK) announces signing of share purchase agreement o acquire 50 percent minus one share of MMK-Atakas from the Atakas Family.
The agreement price is USD 485 million. Thus, MMK will be able to consolidate 100% shares in the Company. The transaction is expected to be completed by 1 November 2011. The completion is subject to obtaining necessary permissions and approvals.

ďConsolidation of the 100% control in MMK-Atakas by MMK is part of the MMK strategy aimed at establishing the MMK Group presence on the key and rapidly growing markets in Russia and Middle East, primarily in Turkey. Consolidation will ensure more efficient management of the Company and help capitalize on the promising Turkish market of flat rolled products,Ē said Victor Rashnikov, MMK Chairman of the Board.

The construction of the plant began in March 2008. The projectís two sites, located in Iskenderun and Istanbul, will have the full capacity of 2.3 mtpy of rolled flats. The total investments are estimated at approximately $2.1 bn.

At the moment, the complex operates an electric arc furnace facility, a cold-rolling facility, a hot-dip galvanizing unit and a color coating line located in Iskenderun plus two service centers in Iskenderun and Istanbul. It also includes a sea port capable of catering ships of up to 100,000 dwt which significantly expands the plantís export capacity and facilitates supplies of raw materials for steel production.
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