Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that it plans to maintain production volumes over the next 10 years at approximately 12 million mt of steel annually at its key facility in Magnitogorsk.
According to the company's statement, Russian steel market dynamics in the coming years will depend upon changes in Russia's economy. If Russian GDP growth slows down, demand for steel will stagnate and there will be a certain decrease in demand from key consuming sectors, such as construction, pipe production and the automotive industry in the coming three years, followed by a demand recovery. These sectors remain a priority for MMK, as is demonstrated by significant production growth at its Mill 5000 and at its cold rolled products Mill 2000 in 2014, as well as by the positive outlook for their utilization in 2015.