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MMK: From Magnitogorsk to Nicosia

MMK: From Magnitogorsk to Nicosia

Metallurgy is indisputably one of the most important sectors of the Russian economy, with the production companies dominating the country’s business map. A flagship of the metal industry in Russia is the company Magnitogorsk Iron and Steel Works which celebrates 85 years from its establishment. Robust since its foundation and also a symbol of the Russian economic transformation, MMK’s name is linked with the most important periods of the country’s contemporary history. From the centrally planned Soviet Union to the market economy of today’s Russia, the group constitutes an integral part of global industrial development.

The Cypriot Public will have the opportunity to learn about the company’s history and get in touch with the ferrous metal industry, at a photography exhibition that will take place on the 7th of July at Hilton Park in Nicosia. Impressive photographs from the company’s production units in Ural Mountains, images that depict the faces of its human resources as well as rare material from MMK’s first production activities make up a unique exhibition titled “The Steel Heart of Russia”.

 

Forging the industry’s future

February of 1932 was a cornerstone for Russia’s industrial history;  a month in which  the biggest mill in Europe and one of the largest in the world was launched in Magnitogorsk, a city built on the east side of the Ural Mountains,. Iron and steel were the era’s most precious resources and the abundant deposit of the Magnitogorsk area marked the beginning of Russia’s industrialization and the rapid industry growth.

In the years that followed the mill’s contribution was decisive. During World War II, MMK played a vital role in the Soviet victory. The unit’s distance from the battlefield in addition to the high productivity levels, made MMK one of the main suppliers of the Soviet troops providing them with the required weapons and ammunition.

In the early 1990s, the leadership of MMK was assumed by Victor Rashnikov, who almost three decades earlier had joined the ranks of the then state-owned mill as a fitter at the repair shop. During this period, he advanced through the hierarchy ladder and served in a number of management positions. Under Rashnikov’s leadership, the company introduced and implemented an ambitious development programme, making a series of investments worth 10 billion dollars.

Today, MMK is one of the largest steel producers worldwide and Russia’s leading ferrous metal company. It is also listed on the London and Moscow Stock Exchanges. MMK’s ultra-modern and fully integrated complex is located at the eastern bank of Uralis River, with state of the art equipment that covers every step of the production process.

In 2016 the company produced more than 12.5 million tonnes of crude steel and 11.3 million tonnes of commercial steel products, with its revenue reaching 5.6 billion dollars the same year. It is estimated that more than 750 million tonnes of steel have been produced in the factory until this day.

It is worth noting that the modernization of its infrastructure has not only improved the company's financial performance but also significantly reduced the environmental impact. In 2016, MMK was included in Russia's ten most environmentally friendly companies in the energy and metallurgical sectors. The company aims, by 2025, to allocate more than half a billion euros towards improving actions to ensure environmental protection.

 

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