Investments are to be directed at the development of production capacity in the Urals.

Sergey Gilvarg, MidUral Group Board Chairman, Robert Yildirim, YILDIRIM Group President, and Andrey Slepnev, JSC Russian Export Centre CEO, have signed a trilateral memorandum of mutual understanding. The document was signed on the sidelines of the 10th international industrial exhibition INNOPROM.

The memorandum is intended to encourage implementation of export and innovations projects in metal production on mutually beneficial terms. Thus, under it the parties pledge to offer each other consultations on export and investment projects involving delivery of metal products abroad and development of financing schemes for such projects. The new strategic partnership between Yildirim Group and MidUral Group will make it possible to raise investments for further expansion of Russian production capacity at the Kluchevsky Ferroalloys Plant and Russian Chromium 1915 as well as for the production of new types of products.

'I am confident that the new memorandum will result in powerful synergies. We'll use Russian and Turkish assets to create a single global production chain. Our Turkish partners operate a number of chromite deposits and are supplying chromite ore to our production facilities. Meanwhile, MidUral Group is using them to make such finished products as metallic chromium, ferrous chromium and a number of other special-purpose alloys. Yildirim Group is exporting our products,' noted Sergey Gilvarg, the Chairman of the Board of MidUral Group. 'The partnership between Yıldırım Group and MidUral Group is a practical example of successful Russo-Turkish trade and economic cooperation. Meanwhile, as far as our company is concerned, we are ready to offer comprehensive support to new projects under the memorandum signed today,' said Andrey Slepnev, REC CEO.

In 2017 MidUral Group signed a 7-year contract with YILDIRIM GROUP to export low-carbon ferrous chromium and metallic chrome produced in Russia. Last year a contract was entered into under which the Turkish partner was to invested the first tranche of USD 25 million in the assets of MidUral Group.

MidUral Group is a vertically integrated chemical and metallurgical complex of production facilities, specialising in the production of chemical products from chromium salts, as well as the production of master alloys and ferroalloys for use in special-purpose metal production. MidUral Group includes such production companies as PJSC Kluchevsk Ferroalloys Plant, JSC Russian Chromium 1915, LLC Kluchevsky Enriching Factory, Dirox S.A. (Uruguay), F.W. Winter Inc & Co (US) as well as such trading companies as RusChrome Gmbh (Germany) and InterChrome (Switzerland), the administrative centre JSC MC 'Russian Superalloys' – MidUral Group

Yıldırım Group is an industrial group set up in 1963, which today includes production companies operating in a number of fast growing sectors. The company employs over 12,000 people in 28 countries across 4 continents. Yıldırım Group first entered the chromium market in 2004 after acquiring Eti Krom (Turkey). In December 2013 Yıldırım Group purchased the Tikhvin Ferroalloys Plant (Russia) and the Voskhod mining and processing complex (Kazakhstan) from Mechel Group. Today Yıldırım Group is a key producer of chromium ore and high carbon ferrochromium.

As a state institution tasked with supporting non-raw materials exports, REC offers a broad range of financial and non-financial assistance to Russian exporters. REC focuses on improving the conditions for exports and on reducing the existing barriers to foreign trade. REC holds a stake in the Russian Agency for the Insurance of Export Loans and Investments (JSC EXIAR) and in JSC ROSEXIMBANK, which allows it to optimiSe resources and create effective business processes for offering comprehensive services to companies engaged in export operations. According to the VEB Financial Policy Memorandum, promotion of exports and support of investment projects that Russian companies are taking part in abroad is one of the priorities of the company. JSC Russian Export Centre is a subsidiary of VEB.RF Group. For detailed information see the website of the Russian Export Centre: http://exportcenter.ru