At a Moscow conference for the Russian and foreign press the Russian President Vladimir Putin commented on the results of the open auction for the sale of the state-owned shares package of the Magnitogorsk Iron and Steel Works Open Joint Stock Company.
    "There have always been fears, at least in the recent years, that the Works would be taken over by outsiders not really acting in good faith. But, as I understand, this has not happened, and everybody's satisfied", said Mr. Putin. In this way the Head of the State rang the curtain down on the long-drawn-out story of the sale of the last major state-owned asset in the country's steel sector.
    The MMK auction took place on December 22, 2004. It was won by the company U.F.G.I.S Structured Holdings Limited which acted in the interests of a group of investors affiliated with the MMK management. A day earlier the same company had bought a 16% shares package of MMK from the Steel Group Mechel, which put the MMK management in control of about 96% of MMK's share capital.
    In response to the question of the Magnitogorsk TV channel TN-IN correspondent about the role of the steel industry in the national economy Mr.Putin said that it is "one of the mainstays of our industry in general since the times of the Soviet Union. We have supported and intend to continue supporting the development of such basic industries as steel making not only inside the country but also on the international markets, fighting for your interests. We will keep on doing this in the future. I hope that you and everybody working at the Magnitogorsk Iron and Steel Works, which I have indeed visited and seen how people are working there, are satisfied with the privatization process".
    Alexandr Vlasiuk, a representative of the MMK-owned media company, conveyed the warmest regards to the President from the MMK steel makers and invited him to visit the Abzakovo mountain skiing centre where Mr.Putin has already been on several occasions.