The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its production results for the financial year 2008.
Accordingly, in 2008 the mill recorded a 9.9 percent decrease in its pig iron production to 8.54 million mt, a 9.8 percent drop in its crude steel output to 11.957 million mt, and a 10.6 percent decline in its finished steel products output to 10.91 million mt, all compared to 2007.
During the period in question, MMK produced 952,000 mt of slabs and billets - down 2.5 percent, 1.577 million mt of longs - down 12 percent, 5.66 million mt of hot rolled products - down 11.4 percent, and 1.362 million mt of cold rolled products - down 12.9 percent, all compared with the data for 2007.
In addition, in 2008 MMK's tin plate output went down by 13.3 percent year on year to 216,000 mt, its formed section production slid by 14.6 percent to 187,000 mt, its galvanized color coated production dropped by 12.3 percent to 157,000 mt, while its galvanized steel output went up by 6.8 percent year on year to 455,000 mt.
Due to the reduced demand for steel products, MMK was forced to cut its steel output and optimize its product mix. Thus, in Q4 2008 MMK produced 1.648 million mt of crude steel and 1.542 million mt of finished steel products, down 50 percent and 47.5 percent respectively, compared with Q3 2008.
Last year MMK continued to implement its cost saving and product mix expansion projects. In 2008, the company commissioned its heating furnace No. 4 (at rolling shop No. 10) and its hot dip galvanizing line No. 2. MMK's major upgrades in 2008 included the installation of a bell-less top charging system for its blast furnace No. 10 and the repair of its converter No. 3, including body substitution.