Magnitogorsk Iron and Steel Works (MMK) is one of the world’s largest steel producers. Headquartered in Magnitogorsk, Russia, MMK was founded in 1932 and generates annual sales of over $5 billion.
By the mid–1970s, MMK was producing 15 million tonnes of crude steel and 12 million tonnes of rolled products in the city of Magnitogorsk. After the fall of communism, the company privatised, converting to a joint-stock model in 1992. It was listed on the London Stock Exchange in 2007.
By 2003, MMK had expanded its production to include chrome plating, power generation and coke production. The company expanded through joint ventures during the 2000s seeing plant construction projects in Germany, Turkey as well as other parts of Russia.
Today, MMK produces one-fifth of the steel products sold on the Russian market. Viktor Rashnikov, majority owner of Magnitogorsk Iron and Steel Works, began working at the company as a mechanic in 1967.
- Family name: Rashnikov family
- Sector: Consumer Products & Retail
- Founded: 1932
- Country: Russia
- Company headquarters: Magnitogorsk, Russia
- Chairman: Viktor Rashnikov
- Revenue: US$5.8 billion
- Family ownership: 87.3%
- Employees: 56,000
- Website: http://eng.mmk.ru/index.php
