Russian steel maker Magnitogorsk Iron & Steel Works has signed an agreement of intent and cooperation with Turkey’s Coskunoz Holding Group. The agreement opens new opportunities for the companies’ collaboration in both Turkey and Russia, providing opportunities for the development of hot stamping production in Russia, as well as for the implementation of joint engineering research and work on prototyping of stamped products from new generation steel, developed by MMK. Cooperation between the companies will strengthen the position of both parties in the Russian market.MMK and Coskunoz already have a successful joint business in Russia: the Service Metal Centre of MMK-Coskunoz-Alabuga LLC operates on Alabuga Special Economic Zone territory in the Republic of Tatarstan. Launched in May 2018, the plant produces steel billets blanks used in creating components for cars and appliances. MMK-Coskunoz-Alabuga LLC is a successful example of business integration at all stages of the production process: from raw material production to finished product output and steel localisation in Russia.Coskunoz Holding combines 13 companies in the automotive, defence and aviation, ecology, information technology and logistics sectors. The Company invests abroad to increase its global presence. In addition to Turkey and Russia, the Company produces automotive components in Romania. To date, Coskunoz has invested a total of EUR 60 million in the Russian economy and plans to make EUR 15 million worth of additional investments by the end of 2022.