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. Last Updated: 07/27/2016

MMK Gets Stake in Turkish Group

YEKATERINBURG -- Magnitogorsk Iron and Steel said Wednesday that it would own 50 percent plus one share in a $1.1 billion joint venture with Atakas Group that will build a steel complex in Turkey.

The new company, MMK Atakas Metalurji Sanayi, will produce 2.6 million tons per year of hot- and cold-rolled steel sheet at two locations in Turkey -- Istanbul and the eastern Mediterranean port city of Iskenderun.

The project is scheduled to start within three years and will also produce galvanized steel sheet.

The company aims to build separate factories that would produce hot- and cold-rolled and galvanized sheet in both Iskenderun and Istanbul, Ahmet Tarkan Yildirim, board member of the new company said.

"There's a significant need for flat steel in the domestic Turkish market and our production aims to meet this need," Yildirim said.