It is reported that Magnitogorsk Iron & Steel Works together with Al-Tuwairqi and Arif Habib Group have begun developing management principles and development plans for Pakistan Steel Mill Corporation.

The MMK press service cited MMK chairman Mr Viktor Rashnikov as saying "The sale of the 75% stake to the auction winner is not yet complete. But already together with our partners in the consortium we are looking at detailing and agreeing on plans for the further development of PSMC. Management principles for the asset are being worked out. They will be carried out on a joint basis, taking into account the experience, advantages and interests of all sides"

Mr Rashnikov said at a press conference in Magnitogorsk on that MMK is not only interested in maintaining its presence in a key market for the company, but also wants to expand it. Acquiring a company abroad significantly reduces certain risks he said.