May 24 2007
Magnitogorsk Iron and Steel Works (MMK) together with Atakas Group are planning to build a metal works in the Republic of Turkey with a capacity of 2.6 million tons of metal products per year.
The new works will specialize in the production and processing of hot and cold-rolled sheet as well as galvanized and color-coated rolled steel products.
The project site is in the industrial areas of Iskenderun and Istanbul. The project is expected to take more than three years to realize and has the approximate cost of $1.1 billion.
Commenting on the decision, Viktor Rashnikov, Chairman of the Board of Magnitogorsk Iron and Steel Works, said: “The dynamic and rapidly growing market of Turkey is not fully sufficient in metal production capacities and is thereby attractive to steel producers. The implementation of this project is fully in line with the strategy of MMK, which includes expansion in growing markets. The project will contribute to increasing the strength of MMK’s position on the global steel market.”
Rejep Atakas, CEO of Atakas Group, said: “We are pleased with the opportunity to implement a joint project with a leading global steel producer such as MMK. I am certain that the dynamic development of the Turkish economy, MMK’s long-standing expertise in steel production together with the strong position of Atakas Group on the Turkish market will ensure the success of the project.”