Invest News DetailStar - The Turkish-Russian joint-venture MMK-Atakas has officially commissioned the largest private investment project in Turkey’s steel industry: a USD 2 billion steel production facility in the Mediterranean province of Hatay. Inaugurated by Turkey’s Prime Minister Recep Tayyip Erdogan, the arc furnace facility and port complex built by Russian Magnitogorsk Iron and Steel Works (MMK) and Atakas Group of Turkey will employ 2,500 people. Under construction since March 2008, the decision for the largest greenfield investment in the country’s steel industry was originally made in 2007. The facility will address the growing demand for flat rolled products both in domestic and surrounding markets, reaching a full capacity of 2.5 million tons per year. Magnitogorsk Iron and Steel Works Chairman Victor Rashnikov’s remarks at the opening ceremony highlighted the importance of the investment in the light of increasing Turkish-Russian cooperation. “This project is the largest joint project between Turkey and Russia,” said Rashnikov, adding that the plant will also export to the Middle Eastern and North African markets.