Vladimir Putin's address at the ceremony:

Dear friends,

I remember very well the day three years ago, in December 2007, when the cornerstone was laid for this plant. I can imagine what the people who worked on this project feel today – the exciting feeling of accomplishing something new, promising and interesting. In general, it is always a pleasure to see the results of your own labour.

I'd like to congratulate the leadership of St Petersburg and the executives and shareholders of Magnitogorsk Iron & Steel Works with this new step in regional development, the auto industry and the domestic economy.

This is an important event, and not just for St Petersburg and the Magnitogorsk Iron & Steel Works. This is also a major step in the development of the domestic auto industry because this plant allows us to build the complete technological production cycle. It is only natural that the world's leading car-makers who are established in our country are partners in this plant. Several dozen companies, those who operate in Russia (and all of them are world brands) will cooperate with this plant. It will produce 250,000 tons of processed rolled sheet metal a year, and add to this a second and probably third expansion phase! That will spell hundreds of new, interesting and modern jobs! I'd like to congratulate you again and wish you success! Thank you very much.

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After the ceremony the prime minister inspected the plant's production lines, and familiarized himself with the range of products and special technological processes. Putin was told that the well-proven Italian equipment was used in production. He asked an employee on one of the shop's desks what the average salary was and was told that it is about 15,000 roubles.