Magnitogorsk Iron and Steel Works ( / ), abbreviated as MMK, is the third largest steel

Steel

Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...

 company in Russia

Russia

Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

. It is located in the city of Magnitogorsk

Magnitogorsk

Magnitogorsk is a mining and industrial city in Chelyabinsk Oblast, Russia, located on the eastern side of the extreme southern extent of the Ural Mountains by the Ural River. Population: 418,545 ;...

, in Chelyabinsk Oblast

Chelyabinsk Oblast

-External links:*...

.

Magnitogorsk Iron and Steel Works is also known for being one of the major sponsors of the new Kontinental Hockey League

Kontinental Hockey League

The Kontinental Hockey League is an international professional ice hockey league in Eurasia founded in 2008. As of 2009, it is ranked as the strongest hockey league in Europe....

.

Revenue

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

Joint venture

A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...

 agreement with the Turkish steel company Atakaş to construct and run a steel plant

MMK-Atakaş Metallurgy

The MMK-Atakaş Metallurgy Inc. is a multi-national steelmaking company established 2007 in Iskenderun, southern Turkey. Company's main plant, located in Dörtyol, began production in 2011 after three years of construction time...

 in Hatay Province

Hatay Province

Hatay Province is a province in southern Turkey, on the Mediterranean coast. It is bordered by Syria to the south and east and the Turkish provinces of Adana and Osmaniye to the north. The province is part of Çukurova, a geographical, economical and cultural region that covers the provinces of...

 of southern Turkey

Turkey

Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...

. On March 15, 2008, the plant's foundation was laid in Dörtyol

Dörtyol

Dörtyol is a port city and oil terminus at the head of the Gulf of İskenderun, near the easternmost point of the Mediterranean coast. Dörtyol is located 26 km north of the city of Iskenderun in the province of Hatay in southeastern Turkey.-Geography:...

, 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

Recep Tayyip Erdogan

Recep Tayyip Erdoğan has been Prime Minister of Turkey since 2003 and is chairman of the ruling Justice and Development Party , which holds a majority of the seats in the Grand National Assembly of Turkey. Erdoğan served as Mayor of Istanbul from 1994 to 1998. He graduated in 1981 from Marmara...

on March 9, 2011. It is one of the biggest of its art in Turkey. On March 10, 2011, it was reported that the MMK applied to the Turkish competition board to buy its Turkish partner's stake.

External links

Magnitogorsk Iron and Steel Works Magnitogorsk Iron and Steel