Russia’s Magnitogorsk Iron and Steel Works, or MMK, and Russia’s largest carmaker AvtoVAZ have signed a long-term agreement on cooperation and partnership, MMK said in a statement Tuesday.
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Prime-Tass reported that under the agreement, MMK will supply metal products to AvtoVAZ, while the carmaker will receive preferential status as a regular customer of MMK.
MMK and AvtoVAZ also agreed on restructuring the carmaker’s debt on metal products supplied by MMK.
MMK is one of Russia’s largest ferrous metals producers.
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