Within the framework of its anti-crisis program, the Russian steel mill Magnitogorsk Iron and Steel Works (MMK) is continuing negotiations with its raw material suppliers, in order to reach a consensus regarding prices which will be appropriate to the current crisis situation.
Accordingly, the company has achieved a decrease of 70 percent in the purchase price of scrap and of 30 percent in the prices of coking coal and ferroalloys.
Currently, MMK is in the process of negotiating its purchase price of iron ore.
In line with its earlier announced anti-crisis program, MMK plans to reduce its expenses by cutting raw material prices, by reducing purchases and by increasing consumption of raw material from its storage.