Russian steel mill Magnitogorsk Iron and Steel Works (MMK) plans to increase its production output by 18.7 percent in January to about 500,000 mt of steel, and by 42 percent in February to 600,000 mt of steel, both compared to December 2008, due to the revival in domestic steel demand caused by the replenishing of their stocks by metal traders.
MMK worked at half its production capacity in December 2008, producing 421,000 mt of steel.
In addition, in 2009 MMK intends to cut back spending on its investment program from the earlier-planned Ruble 40 billion to Ruble 15 billion. The investments will be directed towards the completion of the plate mill 5000 project.