OREANDA-NEWS. December 19, 2011. Eurasian Natural Resources Corporation PLC (ENRC) and Magnitogorsk Iron & Steel Works (MMK) are pleased to announce their decision to amicably settle the existing dispute between the two companies.

ENRC has dropped its claims against MMK and called off the asset freezing order that was issued against MMK and its subsidiary MMK-Mining Assets Management S.A.

The relevant notifications were sent to the International Court of Arbitration at the International Chamber of Commerce in Zurich, as well as to the Federal Court of Australia.

Boris Dubrovsky, Chief Executive Officer, MMK, said: “We are satisfied with the results of our negotiations with ENRC. Mutual waiver of claims by the two parties confirms our bilateral intention to cooperate on a long-term basis.”

Felix J Vulis, Chief Executive Officer, ENRC, said: "ENRC and MMK continue to benefit from long-term partnership and we are pleased to retain MMK as one of our valued customers.”

MMK is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of higher value added products. In 2010 the company produced 11.4 mln tonnes of crude steel and 10.4 mln tonnes of commercial steel products.

MMK Group revenue in 2010 stood at USD 7.719 bn, EBITDA at USD 1.606 bn, profit for the period - USD 232 mln.