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- MMK, one of Russia's largest steel producers, has postponed the launch of a lucrative project in Turkey due to uncertainty created by global trade wars.
- The project - the re-launch of hot-rolled steel production at its Turkish site - was expected to add between $90 million and $100 million to MMK's core earnings.
- The MMK Metalurji complex, located near Iskanderun on Turkey's Mediterranean coast and in Istanbul, was built by MMK between 2007 and 2010, at a cost of over $2 billion.
- Now MMK has put the re-launch on hold, and plans to decide its fate in November, when the dust has settled on a wave of protectionist measures introduced by the United States and Europe in recent months.
MOSCOW (Reuters) - MMK, one of Russia's largest steel producers, has postponed the launch of a lucrative project in Turkey due to uncertainty created by global trade wars, Andrey Eremin, the company's director for economics, told Reuters in an interview.
The project - the re-launch of hot-rolled steel production at its Turkish site - was expected to add between $90 million and $100 million to MMK's core earnings, Eremin said, but a sudden surge in global trade barriers caught the company off guard, forcing it to delay.
See the rest of the story at Business Insider
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