Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has increased its procurement of equipment from domestic manufacturers from 71% to 86% in 2024. This announcement was made at the Industrial Procurement 2024 forum in Moscow, where MMK highlighted the importance of import substitution amid market volatility. The company has also expanded its partnerships with Chinese manufacturers, who now supply 11% of its equipment needs. MMK aims to replace imported metallurgical equipment with Russian alternatives, supported by the Industrial Development Fund, to enhance local production capabilities.