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Magnitogorsk Iron & Steel Forms MMK-Mining Unit in Luxembourg

OAO Magnitogorsk Iron & Steel, Russian billionaire Victor Rashnikov’s steelmaker, formed a mining unit in Luxembourg, MMK-Mining Assets Management SA, according to a regulatory filing yesterday.

The decision follows similar moves by rivals OAO Severstal and OAO Mechel and lays the groundwork for a possible initial public offering in two to three years, Dmitry Smolin, an analyst at UralSib Capital in Moscow, said today by telephone.