Today, at the St. Petersburg International Economic Forum, Magnitogorsk Iron & Steel Works (MMK) and the energy group Fortum signed a Memorandum of Cooperation in the field of renewable energy. The document was signed by Pavel Shilyaev, MMK CEO, and Alexander Chuvaev, Fortum CEO and executive vice-president of Fortum Corporation.

The agreement formalises MMK's intention to use green energy produced by Fortum Russia and its joint ventures at their wind and solar power plants. Fortum has the largest wind and solar portfolio in Russia, either directly or through joint ventures, with more than 2GW of capacity. The use of electricity from clean and renewable sources in production processes will enable MMK to reduce the carbon footprint of its products.

Commenting on the signing of the agreement, Pavel Shilyaev, MMK CEO, said: "One of the main challenges facing the iron and steel industry today is reducing its carbon footprint. MMK as a modern and responsible company is reducing emissions of greenhouse gases year on year. By 2025, our goal is to reduce CO2 emissions by 2.2 million tonnes and reach a target CO2 emission rate of 1.8 tonnes per tonne of CO2. I am sure that cooperation with Fortum, the largest green energy company in Russia, will allow us to accelerate towards this goal.

Alexander Chuvaev, Fortum CEO and executive vice-president of Fortum Corporation, emphasised: "Our cooperation will enable MMK to reduce the carbon footprint of its products and meet growing environmental standards. We are confident that renewable energy has the potential to support the decarbonisation of one of the most important sectors of the Russian economy. In turn, for the energy sector, the growing recognised demand for carbon-free energy from industrial consumers provides an additional market incentive to commission new renewable energy capacity.

About MMK

Magnitogorsk Iron and Steel Works (MMK) is one of the world's largest steelmakers and a leading Russian metals company that turns out a broad range of steel products with a predominant share of high value-added products for all major steel-consuming sectors of Russian industry.

PJSC Fortum is part of Fortum Corporation's Russia Division, which also includes Fortum's 29.5% holding in TGC-1. Fortum provides customers with electricity and heat generation. Fortum has eight thermal power plants in Russia, located in the Urals and Western Siberia, a wind farm in the Ulyanovsk region, and three solar power plants in the Orenburg region and the Republic of Bashkortostan. As of 1 May 2021, Fortum’s total electricity generation capacity in Russia is 4,928 MW and total heat production capacity is 8,437 MW. www.fortum.ru