November 26, 2013. The 4th meeting of the Russia-Turkey Cooperation Council took place in Saint Petersburg on November 22. The Council was set up in 2010 to coordinate a number of important political, trade and economic, and cultural and humanitarian projects. The meeting was attended by President of the Russian Federation Vladimir Putin and Turkey's Prime Minister Recep Erdoğan, who arrived in Russia on business at Putin's invitation. The meeting included a business breakfast attended by Chairman of Magnitogorsk Iron & Steel Works (MMK) Viktor Rashnikov.

'We keep building on our cooperation in the industry and hi tech sectors, in the metallurgical field, that is. For one, Magnitogorsk Iron & Steel Works invested its capital and technologies in a plant in Iskenderun,' Putin said at the closing press conference.

'Setting up ММК Metalurji, a member enterprise of MMK Group, in Turkey, is one example of how the two countries can efficiently work together. MMK Metalurji is the first and so far the only Russian metallurgical enterprise in Turkey. At the moment the construction contract was signed (I 2007), this was the largest investment project taken up by a Russian private company in the Republic of Turkey. It opened new horizons and business connection opportunities for the two countries and the businesspeople operating in both countries' heavy industry sectors,' MMK reports.

MMK-Metalurji's production capacity is 2.3m tons of flat rolled stock a year, which amount fully meets the needs of Turkey itself in different kinds of metal goods as well as makes it possible to export the company produce onto the foreign markets such as the Far East and the countries of the Mediterranean.