Magnitogorsk Iron and Steel Works
Magnitogorsk Iron and Steel Works (Russian Магнитогорский металлургический комбинат / Magnitogorski metallurgitscheski industrial complex, abbreviation MMK, popularly Magnitogorsk ( Магнитка ) ) is a Russian company based in Magnitogorsk. The company produces various grades of carbon steel. The company produces about 20 percent of the steel produced in Russia. MMK is headed by Viktor Raschnikow. The company is listed on the stock exchange in Russia stock index RTS index.
Based on the well-known since the 18th century, iron ore inventories of the magnetic mountain (Russian: gora Magnitnaja ) - 1928 to 250, estimated later to 400 million tons - the Soviet Union began in the newly founded city of Magnitogorsk in 1929 under its first Five-Year Plan with the establishment of a steelworks. On 1 February 1932, the first steel tapping was carried out. In 1992, the factory was converted into a public limited company. On 24 July 2009, with a new plate mill at the core of a large-scale modernization and capacity expansion opened with the MMK will mainly serve the increased demand for pipes for oil and gas pipelines.