Russian Magnitogorsk Iron And Steel Works has vide a release expressed its regret regarding the decision of Pakistan Supreme Court to cancel the purchase of 75% shares of Pakistan Steel Mills Corporation.

The release said that the consortium, which MMK was a part of, was a bona fide purchaser, and fulfilled all requirements put forth by the organizers towards the participants and winners of the auction in full measure and in time. MMK still considers that the consortium, which the company is a part of, had offered a price for the assets of Pakistan Steel Mills, which reflected the fair value of the company.

MMK said that it will continue to consider other investment opportunities in Asia and Middle East as part of their growth strategy.

OJSC Magnitogorsk Iron and Steel Works is a leading ferrous metallurgy company in Russia with domestic market share of about 20% and exports to 75 countries. In 2005 MMK had produced 11.4 million tons of steel and 10.2 million tons of steel products. Revenues in accordance with US GAAP amounted to $5.38 billion and net profit amounted to $947 million.