Magnitogorsk Iron and Steel Works
Magnitogorsk Iron and Steel Works (MMK) is a major Russian steel producer based in Magnitogorsk. It is a public company that mainly makes iron and steel. The chairman is Pavel V Shilyaev. In 2021 MMK reported about 11.9 billion USD in revenue (roughly 7.5 billion euros), with significant operating and net income and total assets around 9.7 billion USD.
MMK has its roots in the Soviet Union’s push to industrialize in the 1920s and 1930s. The plant began producing steel in the early 1930s and grew into a key steel giant in the Urals. During World War II, MMK produced armor and weapons for the Soviet war effort, employing hundreds of thousands of workers, including many teenagers, to support the front.
After the Soviet era, MMK became a joint‑stock company in 1992. It faced tough times in the 1990s but recovered in the 2000s. The company went public on the London Stock Exchange in 2007, and by 2008 crude steel production reached about 12 million tons, with exports making up a large share of output in some years.
In 2022, MMK was suspended from and later delisted from the London Stock Exchange after Russia’s invasion of Ukraine. The company has expanded internationally, including a joint venture to build a steel plant in Hatay, Turkey, opened in 2011 with a capacity of about 2.5 million tons per year.
Locally, MMK is a major employer and a big part of Magnitogorsk’s economy, budget, and community life. It owns the city’s hockey team, Metallurg Magnitogorsk, and runs a charitable fund. Today, MMK produces around 400 types of steel in a very large production facility. The company reports environmental data, with emissions of about 26.8 million metric tons of CO2 equivalent in 2020.
This page was last edited on 2 February 2026, at 20:19 (CET).