9/9/2009

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

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 Turkey 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 Turkey’s Atakas Group in 2007 to build the plant.