The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its operational results for the first quarter of the current year.
Accordingly, in the first quarter, the company recorded a 4.4 percent decrease in its crude steel output to 3.14 million mt and a 1.6 percent increase in its finished steel product output to 2.83 million mt, both compared to the previous quarter.
In addition, in the given quarter, MMK's production of high value-added products amounted to 1.12 million mt, rising by 10.4 percent compared to the fourth quarter of the previous year.
Meanwhile, in the same period, MMK’s finished steel sales remained stable at 2.82 million mt, with sales of high value-added steel products reaching 1.34 million mt, up 6.4 percent, both quarter on quarter.
MMK stated that it expects that growth in sales volume in the second quarter this year will be limited by high stocks in metal traders’ warehouses in the domestic market and continued maintenance works at rolling facilities.