Russia's MMK buys out Turkey jv for $485 million
Azerbaijan, Baku, March 11 /Trend/
Magnitogorsk Iron & Steel Works, Russia's third-largest steel producer, said on Friday it will pay $485 million to the Atakas family in order to take full control of its Turkish joint venture, Reuters reported.
The company, also known as MMK, said it will acquire the 50 percent minus one share stake to ensure more efficient management of MMK-Atakas, which completed construction of its Iskenderun plant earlier this month.
MMK established the joint venture to take advantage of strong growth in the Turkish and Middle Eastern steel markets.
MMK-Atakas has plants in Iskenderun and Istanbul, which are expected to produce 2.3 million tonnes of flat rolled steel products per year once they reach full capacity.
The transaction is expected to be completed by Nov. 1.