MMK, ERG Sign Long-Term Contract

22 December 2016 (14:54)

UrBC, Magnitogorsk, Chelyabinsk Region, December 22, 2016. Magnitogorsk Iron & Steel Works (MMK) and Eurasian Resources Group (ERG) signed a long-term strategic agreement for the delivery of iron ore stuffs to MMK.

The two parties agreed that over 30,000,000,000 kg of iron ore materials, including pellets and ore concentrate, all produced by ERG’s Sokolovsko-Sarbaiskoye Ore Mining Enterprise, would be supplied to MMK before the end of 2020. This is the largest deal to be struck on the metallurgical market as of late.

‘This contract fully covers MMK’s iron ore needs for the next four years and ensures guaranteed sales for Sokolovsko-Sarbaiskoye Ore Mining Enterprise, one of Eurasia’s leading iron ore producers and exporters,’ MMK press service says.

The new agreement, which is, in fact, a renewal of the two parties’ long-standing partnership, was signed by MMK Director-General Pavel Shilyayev and ERG Sales Director and CEO Yuri Sentsov. MMK Chair of the BOD Viktor Rashnikov and ERG Chair of the BOD Alexander Mashkevich were present at the ceremony.

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