Magnitogorsk Iron & Steel Forms MMK-Mining Unit in Luxembourg

Bloomberg reported OAO Magnitogorsk Iron & Steel (RTC:MAGN) formed a mining unit in Luxembourg, called MMK-Mining Assets Management SA.

The market news is quoted as saying,

The decision follows similar moves by rivals OAO Severstal and OAO Mechel (MTLR) and lays the groundwork for a possible initial public offering in two to three years, Dmitry Smolin, an analyst at UralSib Capital in Moscow, said today by telephone.

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