The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has announced the conclusion of a memorandum for strategic cooperation with Czech company ALTA.
The memorandum covers cooperation between the companies on the subject of the construction of MMK's iron ore subsidiary Prioskolsk GOK.
In the framework of the memorandum, ALTA will be the general contractor and equipment supplier for Prioskolsk GOK.
In addition to the memorandum, MMK has concluded an agreement with ALTA worth €200 million, under which ALTA will supply equipment and also provide preparatory services.