Russia’s Magnitogorsk resumes work on USD 1.1 bln steel mill in Türkiye

Bloomberg - OAO Magnitogorsk Iron & Steel, Russia’s third-largest steelmaker by market value, has resumed construction of a USD 1.1 billion steel mill in southern Türkiye as demand has strengthened. In an e-mailed statement, Magnitogorsk said it plans to ramp up the galvanizing and color-coating lines in Iskenderun by the end of the year. It is also finishing building a seaport there. The site will produce 2.3 million metric tons of steel goods by the end of 2010, the company said. Magnitogorsk reached an agreement with Türkiye’s Atakas Group in 2007 to build the plant.