Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) has announced that it has completed a transaction to acquire 100 percent of the shares of Russia’s only producer of electro-galvanised coated rolled products Lysva Metallurgical Company (LMC Group). LMC Group includes Lysva Metallurgical Company LLC, Lysva Metallurgical Plant CJSC and the Insajur-Autotrade-TL LLC trading company.
LMC produces a wide range of coated products for the automobile, construction and engineering sectors. The company can produce 350,000 mt of cold rolled coated steel per year.
“The acquisition of LMC will strengthen MMK by expanding our product range. In addition, the transaction will help to increase the group’s overall operational efficiency and competitiveness by increasing production volumes and sales of high value-added (HVA) products. The transaction forms part of MMK’s strategy to integrate assets that produce highly refined products,” said MMK CEO Pavel Shilyaev.