Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the third quarter of the current year according to International Financial Reporting Standards (IFRS).
In the third quarter, MMK saw a net loss of $138 million, $17 million lower than in the second quarter of the year, while its sales revenues decreased by 13 percent quarter on quarter to $1.877 billion.
In the quarter in question, MMK Group's crude steel production decreased by seven percent quarter on quarter to 2.874 million mt. During the third quarter, MMK Russia produced 2.567 million mt of finished steel, down seven percent, while the finished steel output of MMK's Turkish subsidiary MMK Metalurji decreased by 14 percemt to 144,000 mt, both quarter on quarter.
In the fourth quarter this year, the output of finished products at Magnitogorsk should remain at the same level as seen in the previous quarter, due to the continued routine maintenance of blast furnace No. 6 and the expected seasonal decline in demand.