OREANDA-NEWS. December 25, 2012. METALLOINVEST (“the Company”) and JSC Magnitogorsk Iron & Steel Works (“MMK”) announced the signing of a long-term contract increasing supply of iron ore.

The new contract specifies the pricing structure for the supplied products based on existing market indicators and price dynamics of the global iron ore market. According to the contract there will be an increase in the supply of iron ore products, that will be delivered to MMK’s production sites from Lebedinsky GOK and Mikhailovsky GOK.

Eduard Potapov, Chief Executive Officer of Management Company METALLOINVEST, commented: “METALLOINVEST’s production capacities allow the Company to satisfy the growing demand for high quality iron ore products on the Russian market, which has always been one of our priorities. In line with the contract, we will ensure the increase in supply of iron ore to MMK, one of our reliable partners.”

Boris Dubrovsky, Chief Executive Officer of MMK, added: “The increase in supply of iron ore products gives MMK greater raw materials security and will have a positive impact on, amongst other aspects, the company’s financial performance.” He also underlined that the raw materials provided by METALLOINVEST fully satisfy the plant’s requirements.

The contract is a continuation of the collaboration between METALLOINVEST and MMK. The previous contract was signed in 2011.