MMK Supports SMEs in Magnitogorsk

14 April 2020 (09:23)

UrBC, Magnitogorsk, April 14, 2020. Magnitogorsk Iron & Steel Works (MMK) keeps co-funding MMK Industrial Park’s project as part of its support program for small and medium enterprises, the company’s press service reports.

MMK offers funding to the candidates with the best proposal for a new business or for an expansion of an existing production facility. The co-funding part amounts to as much as 30% of the project’s total cost (RUB 15 million max.)

In 2019, two residents of MMK Industrial Park used this co-funding option and received RUB 7.5 million altogether. This year, the metal-treatment plant MMZ was the first company to use the opportunity. MMZ mostly deals in producing wear-proof components and top parts of railways and supplying them to Russian Railways. MMZ is currently working on the second stage of its sixty-million-ruble project, with the goal of creating 50 new jobs and raising monthly product output to 2,500,000 kg.

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