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Russia's metals giant MMK to build $1bln plant in Turkey

MOSCOW, March 13 (RIA Novosti) - The Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] will launch construction of a plant worth over $1 billion in Turkey on March 15, MMK CEO Viktor Rashnikov said Thursday.

"We have started the construction of a factory in Turkey. On March 15 I'll lay the foundation stone. The plant is expected to reach a production capacity of 2.6 million metric tons of steel and hot-rolled mill products by 2010," Rashnikov said.

In May 2007, MMK and Turkish coal company Atakas Group announced plans to build a metals complex in the industrial zones of Istanbul and Iskenderun with annual output of 2.6 million metric tons of metal products.

In July 2007, MMK acquired a stake of 50% plus one share in Atakas Metalurji for $102 million. The company will be eventually renamed MMK Atakas Metalurji.

MMK is the largest enterprise in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market. MMK is a major fully integrated steel making complex performing the complete production cycle from preparation of iron ore materials to high added value processing of steel.

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