Magnitogorsk Iron and Steel Works
( / ), 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
In 2007, MMK revenue were of $8 billion (+28% compared to 2006) with an operating income of $2 billion.
MMK has announced in June 2009 a $110 million deficit for 2009 Q1, with a production of 2.1 million tonnes of crude steel .
Joint venture investment in Turkey
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. 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.