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October 20, 2010

MMK (Magnitogorsk Iron & Steel Works, OJSC), and Atakas Group commissioned cold-rolling facility today as part of MMK-Atakas steel project being developed in the vicinity of Iskenderun

MMK-Atakas’ $250M-worth cold-rolling facility is equipped with a 1.2 mtpy continuous pickling line, a 750,000 mtpy two-stand reversing mill, a 450,000 mtpy hot-dip galvanizing unit and a 200,000 mtpy color coating line. By the end of 2011, the commissioned cold-rolling shop is scheduled to reach its planned capacity of 750,000 mtpy of ready-made metal products.

The decision to build the plant was made back in May 2007. In July 2007, Magnitogorsk Iron & Steel Works (MMK) became the owner of 50 percent plus one share of MMK ATAKAS METALURJI SANAYI, TICARET VE LIMAN ISLETMECILIGI A.S. also known as MMK-Atakas. The Turkish Atakas Group of Companies owns 50 percent minus one share of the company.

The construction began in March 2008. When completed, MMK-Atakas two sites located in Iskenderun and Istanbul will have the full capacity of 2.3 mtpy of hot rolled flats. The project is financed by the shareholders’ funds as well as borrowed capital. The total investments are estimated at approximately $1.7 bn. The key equipment supplier for the project is the Italian Danieli company.

In addition to the cold-rolling mill, galvanizing and color coating lines MMK-Atakas plant currently operates two service centers in Iskenderun (commissioned in 2008) and Istanbul (commissioned in 2010). The centers are designed to cut and slit coils and sheets and package the products. To supply raw and input materials to the Iskenderun plant and ship MMK-Atakas products to customers a sea port capable of catering ships of up to 100,000 dwt was built next to the production site.

In 2011, MMK-Atakas at its Iskenderun site is planning to commission an electric-arc furnace with a compact strip mill. It is also planned to commission a color coating line and a continuous hot-dip galvanizing unit at the service centre in Istanbul in 2011.

Victor Rashnikov, MMK OJSC Chairman of the board, stated: “Our production facility has no competition in both Turkey and Russia in terms of the technical equipment level. Although the Turkish market remains top priority for MMK-Atakas, our own sea port at the production site enables us to consider supplying to the European and Middle East markets as well.”

Recep Atakas, Chairman of the Board of Atakas Group, said that “Metal consumption market in Turkey has been developing quite dynamically in the recent years. Advanced development of steel-consuming industries ensures stable demand for hot-rolled sheet and especially for flat-rolled products that are currently in deficit in Turkey. MMK-Atakas has been designed to resolve this issue. We will offer not only hot-rolled but also cold-rolled, color-coated and galvanized products to the Turkish market,”- Mr. Atakas said.

About Atakas Group of Companies

Atakas Group of Companies is mainly involved in activities concerning imported coals. The Group has sieving and packing facilities with an annual capacity of 2 million tons located in Iskenderun, Marmara, and Black Sea regions. The Group also owns two factories for production of pressed coals of European standards with an annual production capacity of 500.000 tons located in Payas Organized Industrial Zone and Gebze Organized Industrial Zone. Atakas Group of Companies was also involved in production and marketing of round construction irons between 1975 and 2005, and has initiated construction works of a wharf in Dortyol district of Hatay in 2007.




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