MMK JSC, metallurgical industrial complex of Magnitogorsk, grouped with Al-Tuwairqi and Arif Habib Group to take part in an auction and buy 75% share holding of Pakistan Steel Mills Corporation that is currently being privatized by the Pakistani Government.

The auction was held in Islamabad, Pakistan, on AMrch 31, 2006. The second participant was the consortium headed by Noor Financial Investment Company.

According to the spokesperson for MMK, their consortium’s bid was the highest ($ 361.8m), so now the Government of Pakistan is to send them a letter of acceptance within 30 days.

MMK’s financial consultants are JPMorganChase and Global Securities Pakistan Limited.

Pakistan Steel Mills Corporation Profile is the only integrated steel maker with the production capacity of 1.1m tons a year, located near the port of Muhammad Bin Qasim.