Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji registered a quarter-on-quarter growth of 26.7 percent in its sales revenues in the second quarter of the current year, with a total of $171 million. The growth was primarily due to a significant increase of 23.8 percent in sales volumes in the second quarter compared to the previous quarter.
During the first half, MMK Metalurji's EBITDA amounted to $15 million, rising 2.5 times year on year, while the company's EBITDA in the second quarter was $2 million, affected by changes in the Turkish lira/ US dollar exchange rate, increased prices for key raw materials and lower prices for galvanized and color-coated steel products during the quarter.
MMK also stated that the capacity utilization of MMK Metalurji's production capacities is expected to remain at near maximum levels in 2014.