According to Russia's third largest steelmaker Magnitogorsk Iron and Steel Works (MMK), consumption of steel products in Russia will increase in 2012 due to higher demand from automobile and engineering companies as well as from the construction industry.
MMK also stated that the regression of demand during the last few months can be explained by a seasonal lull, and does not constitute a crisis. The Russian steelmaker expects to see positive movements in the domestic steel market in the first half of 2012, while it foresees growth of around 8-10 percent in steel consumption in Russia in the given year.