Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its operational results for the third quarter and the first nine months of the current year.
Accordingly, in the third quarter, the company recorded a 5.8 percent increase in its crude steel output to 3.14 million mt and a 7.7 percent rise in its finished steel product output to 2.89 million mt, both compared to the previous quarter.
Meanwhile, in the first nine months, MMK's crude steel production amounted to 9.33 million mt, down 6.2 percent, while the company’s finished steel product output decreased by 8.2 percent to 8.51 million mt, both year on year.
The company expects that the seasonal weakening in demand for steel in the fourth quarter of the current year will put on pressure the company’s results.