Danieli delays steel plant

Bloomberg

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Italian daily MF reported yesterday that a venture between Russia’s Magnitogorsk Iron & Steel and Turkey’s Atakaş Group had been scrapped.

The contract is being postponed by about six months because of delays in local projects and financing, the Buttrio, Italy-based company said in a stock-exchange statement yesterday. The order is worth 374 million euros ($524 million), less than the 1.2 billion euros reported by the newspaper, Danieli said.

“MMK-Atakaş and Danieli remain determined to continue,” the Italian company said in the statement.