MMK receives the letter of acceptance from Pakistan

At the end of the last week, Magnitogorsk Iron and Steel Works announced the receipt of letter of acceptance from Government of Pakistan. The letter signifies that the consortium comprising ММK, Al-Tuwairqi and Arif Habib Group has been pronounced the winner of the auction to sell 75 percent stake in Pakistan Steel Mills Corporation. The next step in transaction would be signing an agreement between the parts of the consortium and the government in the second half of April, after paying the first installment of the share purchase price.