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Press Release

MMK completes purchase

OJSC Magnitogorsk Iron and Steel Works (MMK) completes purchase of 50% minus one shares of MMK ATAKAŞ METALÜRJİ SANAYİ TİCARET VE LİMAN İŞLETMECİLİĞİ ANONİM ŞİRKETİ from the Atakas Family. The total price of the deal is USD 485 million. As a result, MMK has consolidated a 100% stake in the Company.

Following the closure of the deal the Company was renamed to MMK METALÜRJİ SANAYİ TİCARET VE LİMAN İŞLETMECİLİĞİ A. Ş, and a new board of directors was elected, including Victor Rashnikov, Chairman of the MMK Board, Boris Dubrovsky, CEO of MMK and Yuri Bodyaev, Advisor to MMK-Atakas. The new board has elected Victor Rashnikov as chairman and appointed Yuri Bodyaev as CEO of MMK METALÜRJİ SANAYİ TİCARET VE LİMAN İŞLETMECİLİĞİ A. Ş.

Victor Rashnikov, Chairman of MMK and MMK METALÜRJİ SANAYİ TİCARET VE LİMAN İŞLETMECİLİĞİ A. Ş. boards of directors, said: "Consolidation of 100% of MMK Group's Turkish project will ensure more efficient management of our Turkish facilities and help capitalize on the promising Turkish market for flat rolled products."

Plant construction began in March 2008. In November 2008, a service center was commissioned in the town of Iskenderun, designed to cut hot-rolled coils, slit and cut cold-rolled coils and coated steel, and to package these products. In October 2010 the Company launched the cold-rolling shop complete with a continuous pickling line, a two-stand reversing mill, a continuous hot-dip galvanizing unit and a color coating line at the site in Iskenderun. In March 2011, the electric arc furnace facility linked to a cast-and-roll unit was completed. In May 2011, a color coating line was put into operation at the production site in Istanbul, and the first coil of cold-rolled galvanized sheet was painted. In July 2011, a continuous hot dip galvanizing line was launched at the company's site in Istanbul, thus completing construction of the entire metal processing compound, which also operates its own sea port in Iskenderun. The port is capable of handling ships up to 100,000 dwt, significantly expanding the plant's export capacity and its supply of raw materials for steel production.

The project's two sites in Iskenderun and Istanbul have a full capacity of 2.3 mtpy of rolled flats. Total investments in the project are estimated at approximately $2.1 bn. It is expected that MMK's Turkish metal complex will reach its full capacity by the end of 2011.


2011-09-15

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