16:50 GMT +318 September 2018
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    Largest titanium corporation set up in Russia

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    MOSCOW, July 1 (RIA Novosti) - The world's largest titanium corporation was set up in Russia Friday.

    The new corporation, VSMPO-Avisma, is the result of a merger between the Avisma company and the Verkhnesaldinskoye metallurgical association (VSMPO). It will account for more than 60% of the Russian market.

    Avisma and VSMPO have established a coordination council within the corporation.

    The Russian Federal Anti-Monopoly Service (FAS) endorsed the deal.

    FAS head Igor Artemyev said the deal would contribute to the competitiveness of Russian products on world markets.

    VSMPO-Avisma is the world's largest producer of titanium products mainly for the aerospace industry. Avisma accounts for 32% of world titanium sponge production. It has a 6% share on the magnesium market.

    The company exports 50-70% of its products. VSMPO-Avisma expects to increase annual sales by 10-12%.

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