In the fourth quarter of last year, the crude steel production of Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) totaled 3.10 million mt, down two percent compared to the previous quarter. In addition, for the whole of 2011, MMK registered a seven percent increase year on year in its crude steel output to 12.19 million mt.
During the fourth quarter, MMK's pig iron production dropped to 2.27 million mt, down seven percent, its long product output decreased by 22 percent to 372,000 mt and its flat rolled product output decreased by 13 percent to 1.3 million mt - all on quarter-on-quarter basis.
According to the MMK statement, in 2012 steel consumption in Russia is expected to grow at a faster pace than the world average. MMK's finished steel production growth in 2012 is estimated to reach 15 percent due to ramp-up to full production capacity at the company's facilities in Turkey.