OREANDA-NEWS. October 4, 2007. Magnitogorsk Iron & Steel Works Open Joint Stock Company announces the acquisition of 10.75% shares in OAO Belon, a Russian producer of coal and coal concentrates.

The decision on participation of OAO MMK in the authorized capital of OAO Belon was taken by the Board of Directors of OAO MMK on September 13. The stock was acquired from Sapwood Investments Limited. Going forward OAO MMK will consider a further increase of its stake in OAO Belon.

OAO MMK’s participation in the authorized capital of OAO Belon, which has a strong growth potential, is in line with Magnitogorsk Iron & Steel Works strategic plans towards creation of its own raw materials base and allows OAO MMK to further secure the long-term supplies of coal of the required grades.