Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that it has decided not to sell its Turkey-based subsidiary MMK Metalurji's steel plant in Iskenderun, according to media sources. Speaking at the International Investment Forum held in Sochi, Russia on September 29-October 2, Viktor Rashnikov, chairman of MMK’s board of directors, stated that they will not sell the plant but, on the contrary, they have decided to expand it with new investments.
Last year MMK had decided to sell the plant for $2 billion, but was unable to find a buyer since offers were lower than expected. MMK Metalurji’s Iskenderun plant has an annual production capacity of 2.3 million mt.