MMK takes over Luxembourg outfit that manages group assets
CHELYABINSK. Sept 15 (Interfax) OJSC Magnitogorsk Iron & Steel Works (MMK) of Chelyabinsk Region has as of September 13 taken a 100% stake in MMK Mining Assets Management S.A., official MMK materials say.
"At issue is the registration of the newly created company," MMK told Interfax.
MMK decided to set up MMK Mining Assets Management S.A. as an additional improvement to the management of the group's mining and extraction assets. MMK's mining operations are performed by OJSC Belon and Baikal Mining Co., and the company is now considering developing the Prioskolskoye iron ore deposit. MMK also has a 4.997% stock interest in the major iron ore producer Fortescue.
MMK has tapped Yevgeny Redin to head the creation of its raw materials division.
MMK is one of the biggest of Russia's metal products makers. Its main beneficiary is the chairman of its board of directors, Viktor Rashnikov.