The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its operational results for the second quarter and the first half of the current year.
Accordingly, in the second quarter, the company recorded an eight percent decline in its crude steel output to 3 million mt and a nine percent fall in its finished steel product output to 2.7 million mt, both compared to the previous quarter.
Meanwhile, in the first six months, MMK's crude steel production amounted to 6.2 million mt, down 5.8 percent, while the company’s finished steel products output decreased by 8.4 percent to 5.62 million mt, both year on year.
MMK said that as of the end of the second quarter, the domestic market continues to display a price premium versus export parity level, which improves the attractiveness of steel sales on the Russian market as compared to exports. In early third quarter, the company sees seasonal demand recovery on the domestic market, which is expected to have a positive influence on production capacity utilization.