IMCC was established in 1974 as a Joint Venture between CMS and a consortium of eight reputed Japanese companies lead by Nippon Steel Corporation – Japan. IMCC had an initial share capital of 500,000 K.D. which was subsequently increased to 1,000,000 K.D. , the share capital was contributed: 51% by CMS and 49% by the Japanese consortium. On 10th October 2006 CMS entered into an agreement with the Japanese shareholders to acquire their shares in IMCC. Following this sale, IMCC is now a fully owned subsidiary of CMS.