PJSC Magnitogorsk Iron & Steel Works, or MMK, said Dec. 11 that it acquired Russia's only producer of electro-galvanized steel, LMC Group, but did not disclose financial details.
LMC Group includes Lysva Metallurgical Co. LLC, Lysva Metallurgical Plant CJSC and the Insajur-Autotrade-TL LLC trading company. LMC produces up to 350,000 tonnes of cold-rolled coated steel per year, and its products are used in the automobile, construction and engineering sectors.
MMK CEO Pavel Shilyaev said the acquisition will help diversify MMK's product range.
"In addition, the transaction will help to increase the group's overall operational efficiency and competitiveness by increasing production volumes and sales of high value added products," said Shilyaev.