During the investor day held in Russia on December 7, Victor Rashnikov, chairman of Russian steel producer MMK, defined MMK’s investments in Turkey as “green assets”, and underlined that the profitability of MMK Turkey is increasing at an accelerated rate.
Mr. Rashnikov stated that they aim to continue their investments in Turkey in order to realize MMK Metallurgy’s full potential, and said that, with the commissioning of the electric arc furnace as of July 2021, MMK Metallurgy will reach a production capacity of 2-2.2 million mt of steel per year.
Pavel Shilyaev, MMK’s general manager, stated that the production of MMK is increasing every month, and indicated that their targeted production in December is 100,000 mt. “Our goal is to reach full capacity by the end of the year and to produce 1.7 million tons in total by the end of 2022,” he said.
Mr. Shilyaev emphasized that production is continuing steadily, that there is an increasing demand, and that it aims to close gap in the Turkish market, while an additional $250 million will be included in MMK's earnings before interest taxes depreciation and amortization (EBITDA) if MMK Turkey’s hot rolling mill reaches full capacity.
Shilyaev also talked about electrometallurgical production, and said that MMK Turkey is a green asset and that this will bring more advantages to the company in the next 10-20 years.
