Australian sources report that the Russian steel producer Magnitogorsk Iron and Steel Works (
MMK) has applied to
Australia's Treasurer for relief under section 26 of the Foreign Acquisitions and Takeovers Act to acquire a substantial stake, at least 15 percent, in the country's
iron ore producer Fortescue Metals Group.
Currently MMK holds a 5.37 percent stake in the company.
Commenting to SteelOrbis on the issue, MMK's spokeswoman has said that at present MMK is only planning portfolio investments in Fortescue; however, MMK is also studying the possibility and expediency of increasing its stake in the Australian company.