MMK steps toward international consolidation

Russian steelmaker Magnitogorsk Iron and Steel Works (MMK), after winning a tender on sale of Pakistan Steel Mills Corporation as a part of consortium of MMK, Al-Tuwairqi and Arif Habib Group, this week did further two steps to achieve its goal of international consolidation, that is it established an Asian subsidiary and began galvanized steel production according to foreign standards. Thus, MMK announced yesterday (May 10) the establishment of a subsidiary in the Republic of Mauritius, named MMK Holding (Asia) Ltd. The subsidiary will be in charge of execution of the deal on the purchase of Pakistan Steel Mills Corporation in accordance with the arrangements on the assets between MMK and its consortium partners. On the same day MMK also announced that the plant started to produce galvanized sheets and strips according to the foreign standard EN 10327:2004. As was commented at the plant, although the products of the company comply with European standards, because almost half of its output sold abroad, the company believes it is necessary to comply with the individual country standards to attract more foreign customers.