April 18, 2014. The Russian Federation Economic Development Ministry and Magnitogorsk Iron & Steel Works (MMK) signed a cooperation agreement in the field of foreign economic activity, the company reports.

The agreement was signed by Minister Alexei Ulyukayev and MMK Director-General Pavel Shilyayev.

The paper provides for sharing information, mutual expert and consultant advice, organization and conduction of events, including those that involve Russian trade representations and those held within intergovernmental commissions for Russia's trade and economic and scientific and technical cooperation with foreign states. The agreement is targeted at MMK establishing and developing foreign economic ties and is valid for three years; it can be automatically renewed for another three years if necessary.

'Today's signature of the agreement lays a solid legal foundation for building up on business cooperation with our foreign partners. We have always liaised with Russia's trade representations in the countries of MMK's commercial interest. The paper that was signed today takes these relationships to a new level. On behalf of my company, I would like to thank our partners from the Economic Development Ministry for their ongoing efforts to support metallurgical companies abroad at this no easy time,' Shilyaev said.