Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that in the first quarter this year the sales revenues of its Turkey-based subsidiary MMK Metalurji decreased by 12.2 percent quarter on quarter to $115 million, due to slightly lower sales volumes and the overall decline in steel prices in the company’s key markets.
In the given quarter, MMK Metalurji registered an EBITDA of $11 million, up almost twofold compared to the previous quarter, reflecting the company’s efficient policy aimed at production of high-margin products, helping to increase production volumes on galvanizing lines, and amid favorable conditions on the hot rolled steel market.