UrBC, Magnitogorsk, July 26, 2017. Magnitogorsk Iron & Steel Works’ (MMK) daughter enterprise MMK Industrial Park proved the compliance of its industrial park and of its management company with the federal legislative requirements and can now apply for the state-funded industrial stimulation package. An order to this effect was signed by Russia’s Industry & Trade Minister Denis Manturov on July 21, 2017, the company press service reports.

‘Now that the company has proven to comply with the federal legislative requirements, MMK Industrial Park can offer its residents tax reliefs (zero property tax and 3.5% local corporate income tax) starting from August 1. This is currently the only industrial site in Magnitogorsk to offer such preferential tax terms,’ the press service says.

The new industrial park is set up on the premises of MMK METIZ and hosts eight residents at the moment; these are metal treatment, machine-building, lighting engineering, and O&M businesses that use some 8,000 m2 of the park’s production site.