MMK completes acquisition of ZAO Profit

Archiv – Russia’s Magnitogorsk Iron & Steel Works (MMK) has acquired 99.99% of its main domestic scrap supplier ZAO Profit for an undisclosed sum.
According to MMK, Profit provided 75% of the more than 5 million tonnes of scrap it consumed last year. Profit purchases scrap in 64 Russian regions and commands a 16.2% share of the domestic collection market.
Recently-released figures show that MMK’s total debt stood at US$ 1.73 billion at the end of last year although it also held cash and cash equivalents of US$ 1.12 billion.Russia | Russia’s Magnitogorsk Iron & Steel Works (MMK) has acquired 99.99% of its main domestic scrap supplier ZAO Profit for an undisclosed sum.
According to MMK, Profit provided 75% of the more than 5 million tonnes of scrap it consumed last year. Profit purchases scrap in 64 Russian regions and commands a 16.2% share of the domestic collection market.
Recently-released figures show that MMK’s total debt stood at US$ 1.73 billion at the end of last year although it also held cash and cash equivalents of US$ 1.12 billion.