Posted in | News | Materials Processing | Business

Steel Maker Acquires Russia's Largest Scrap Collector and Processor

Jun 4 2009

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MMK announces that it acquired 99.99% of ZAO "Profit" - the largest metal scrap collector and processor in Russia. The acquisition of the strategic raw material supplier will significantly strengthen MMK security in terms of raw materials supplies.

The Board of Directors approved of the transaction at its meeting on May 20, 2009. The transaction encompasses acquisition of subsidiaries of ZAO "Profit" specializing on collection and processing of scrap.

ZAO "Profit" historically covered in full the demand of MMK in outsourced scrap. ZAO "Profit" supplies accounted for 75% of more than 5 mln tons of scrap consumed by MMK in 2008.

The financial results of ZAO "Profit" will be consolidated in MMK Group of companies IAS results starting from 6 months 2009 reporting.

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