Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its operational results for the fourth quarter and the full year of 2015.
Accordingly, in the fourth quarter, the company recorded a 7.8 percent decrease in its crude steel output to 2.89 million mt and a 7.7 percent decline in its finished steel product shipments to 2.67 million mt, both compared to the previous quarter. Overall steelmaking capacity utilization at the main Magnitogorsk site in the given quarter was 80 percent.
Meanwhile, in 2015, MMK's crude steel production amounted to 12.24 million mt, down 6.1 percent, while the company’s finished steel product shipments decreased by eight percent to 11.19 million mt, both year on year. Overall steelmaking capacity utilization at the main Magnitogorsk site in 2015 was around 84 percent.
MMK stated that it is experiencing seasonally weak demand in the domestic market in January. Recovery is expected to begin in the second half of the first quarter of this year. Stable export prices and the weakening of the ruble against the US dollar are expected to result in increases in domestic prices in the February-March period this year.