Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that in 2014 the sales revenues of its
Turkey-based subsidiary
MMK Metalurji increased slightly to $643 million, while its revenues for the fourth quarter increased by eight percent quarter on quarter to $173 million. Revenue growth was due to sales of old scrap stocks, despite declining sales volumes.
In 2014,
MMK Metalurji registered a $28 million EBITDA, up 12 percent compared to the previous year, due to improved sales structures thanks to a rise of 3.7 percent year-on-year in sales of high value-added products in 2014.