| Type | Public (RTS:MAGN MICEX:MAGN) |
|---|---|
| Industry | Steel |
| Headquarters | Magnitogorsk, Russia |
| Key people | Victor Rashnikov, (Chairman) |
| Products | Steel Steel products |
| Revenue | US$ 7.7 Billion (2010) |
| Net income | US$ 254.0 Million (2010) |
| Website | www.mml.ru |
Magnitogorsk Iron and Steel Works (MICEX:MAGN / RTS:MAGN), abbreviated as MMK, is the third largest steel company in Russia. It is located in the city of Magnitogorsk, in Chelyabinsk Oblast.
Magnitogorsk Iron and Steel Works is also known for being one of the major sponsors of the new Kontinental Hockey League.
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In 2007, MMK revenue were of $8 billion (+28% compared to 2006) with an operating income of $2 billion. [1]
MMK has announced in June 2009 a $110 million deficit for 2009 Q1, with a production of 2.1 million tonnes of crude steel [2].
The MMK signed on May 23, 2007 a joint venture agreement with the Turkish steel company Atakaş to construct and run a steel plant in Hatay Province of southern Turkey. On March 15, 2008, the plant's foundation was laid in Dörtyol, Hatay. Already with the beginning of 2009, plant's service center consisiting of a hot shear line and a combined cold shear and slitting line went in operation.[3] The plant, which will have a capacity of 2.5 million tons of steel products a year, was officially opened by Turkish Prime Minister Recep Tayyip Erdoğan on March 9, 2011. It is one of the biggest of its art in Turkey.[4] On March 10, 2011, it was reported that the MMK applied to the Turkish competition board to buy its Turkish partner's stake.[5]
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