The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that, according to its estimations, in 2010 it will have produced over 2.2 million mt of processed iron ore, thus exceeding last year's results by 35 percent.
In recent years, MMK's ore dressing plant produced an average of 1.5 million mt of processed ore per year. In the first 11 months of 2010, MMK's output totaled 2.031 million mt - up 37.7 percent year on year.
In 2012, MMK plans to boost its processed ore output up to 3 million mt. This considerable increase will result from the implementation of technical upgrading of its ore dressing facility.
"Growing output of processed ore is strengthening MMK's raw material base and positively reflects on the company's financials. Given the steep rise in prices of raw materials across the steel industry, MMK will achieve a significant economic effect by replacing purchased ore with its own products," said MMK in its statement.