MOSCOW, Jul 15 (PRIME) — Russias Magnitogorsk Iron and Steel Works, or MMK, said Friday that it had launched a continuous hot-dip galvanizing unit at the MMK-Atakas metallurgy complex in Turkey, thus completing construction of the complex.
The total annual production capacity of MMK-Atakas is to amount to 2.3 million tonnes of hot-rolled stock, 750,000 tonnes of cold-rolled stock, 900,000 tonnes of galvanized rolled stock, and 400,000 tonnes of color coated rolled stock.
Construction of the complex began in March 2008. Total investments in the project are estimated at approximately U.S. $2.1 billion.
In March, MMK signed an agreement to acquire the remaining 50% stake in MMK-Atakas, which was a joint venture with the Atakas family, thus gaining full control over the company. The value of the deal, which is expected to be completed by November 1, amounts to $485 million.
MMK, based in the city of Magnitogorsk in the Chelyabinsk Region, is Russias largest ferrous metals producer.