ZINC TAKEOVER
January 1st, 2004
BY MARK ROWERUSSIA'S Urals Mining and Metals Company (UGMK) has bought the nation's second largest zinc smelter, Elektrotsink. UGMK, which is headed by entrepreneur Iskander Makhmudov, said it intends to invest in production at the zinc smelter factory and produce up to 85,000 metric tons of zinc at Electrotsink this year.UGMK, which is based in the Urals city of Sverdlosk and which incorporates most of the Urals copper smelters, has so far declined to publish the value of the takeover but has confirmed in a statement that the deal was agreed at the end of 2003. ...
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