| "Magnitka" does not lose hope of merging with "Mechel"
The Magnitogorsk Iron and Steel Works plans to resume negotiations on a merger with Mechel JSC, said MMK General Director Viktor Rashnikov. A little over a year ago, MMK management already held negotiations on this issue with Mechel executives, but they did not end in anything. At the same time, MMK is ready to resume work in this direction, said the plant’s general director. In his opinion, the merger of companies can be mutually beneficial and easily feasible, since both enterprises are located in the same region. The Magnitogorsk plant is the country's largest producer of ferrous metals. The plant's management controls 58% of ordinary shares, 16% of shares are owned by JSC Coal Company Southern Kuzbass. Mechel JSC is the parent enterprise of Mechel Steel Group JSC, which was registered in March 2003. INTERFAX |
