Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji's finished steel output decreased by 8.9 percent quarter on quarter to 210,000 mt in the first quarter of the current year.
In the given quarter, the hot rolled flat product sales of MMK Metalurji totaled 40,000 mt, rising by 6.6 percent, while its galvanized steel sales amounted to 132,000 mt, down 4.7 percent, both compared to the previous quarter.
MMK Metalurji stated that the decrease in sales was due to lower economic activity in connection with expectations that the market environment would improve following possible changes in the constitution of the country. Nevertheless, sales volumes of finished products were 3.8 percent higher compared to the same quarter of the previous year. Despite the continued political instability and devaluation of the local currency this year, the company aims to maintain current maximum utilization rates.