ANKARA, August 5 (RIA Novosti) - Investment in the Russian-Turkish joint metal processing factory MMK-Atakas, being built in Iskenderun in south Turkey, will reach $1.5 billion, Russian Deputy Prime Minister Igor Sechin said on Wednesday.
Sechin's announcement came after a meeting with Turkish Industry and Trade Minister Zafer Caglayan on the eve of Russian Prime Minister Vladimir Putin's working visit to Turkey, which is expected to focus on bilateral trade and economic relations and result in the signing of over 15 inter-governmental agreements.
The Magnitogorsk Iron and Steel Works (MMK), one of the largest enterprises in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, and Turkish coal company Atakas, signed an agreement on the joint venture in 2007. MMK has a controlling stake of 51% plus one share in the project.
Sechin said that about $500 million has been invested in the JV to date.
The facility is designed to produce 2.6 million metric toms of finished metals products annually. The enterprise is to reach its designed capacity in 2010 and sell its products on the Turkish market as well, Sechin said.
