On March 11 this year, Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) was reported to be considering the acquisition of all shares of the joint venture MMK - Atakas Metalurji San. Tic ve Liman Isletmeciligi A.Ş. (MMK-Atakas) which it had established with Turkish investor Atakas Sirketler Grubu in 2007.
Accordingly, the process has been completed and, with the parties completing sales transaction as of today, all the shares have officially been transferred to MMK.
MMK has increased its own stake to 100 percent by acquiring the other 50 percent shares of the joint venture under the agreement worth $485 million.
The former joint venture, with an annual capacity of 2.5 million mt of crude steel, 2.3 million mt of hot rolled steel, 1 million mt of cold rolled steel, 1.2 million mt of pickled steel, 900,000 mt of galvanized steel and 400,000 mt of coated steel at its Iskenderun and Gebze plants, will continue to operate in Turkey under the name of MMK Metalurji Sanayi Ticaret ve Liman Isletmeciligi A.S.