MMK’s crude steel output down 7.1% in 2020, positive prospects for Q1

Tuesday, 26 January 2021 16:28:20 (GMT+3)   |   Istanbul
       

Russian steelmaker MMK Group has released its operational results for the fourth quarter and the full year of 2020.

Accordingly, in the fourth quarter this year, the company recorded a 14.9 percent increase in its crude steel output to 3.31 million mt due to stronger demand and production ramp-up of hot rolling mill 2500 after its scheduled reconstruction in the third quarter, and a six percent rise in its pig iron output to 2.52 million mt driven by increased steel demand and production volumes, both compared to the previous quarter. In the fourth quarter, MMK’s finished steel sales totaled around 3.04 million mt, up 11.1 percent from the previous quarter.

In 2020, the company’s crude steel output totaled 11.57 million mt, down by 7.1 percent year on year, affected by the slowdown in business activity amid the pandemic. The company’s pig iron output totaled 9.34 million mt, falling by 6.7 percent year on year, due to a longer period of scheduled maintenance at blast furnace facilities and lower demand amid the pandemic. In the given period, MMK’s finished steel sales totaled 10.75 million mt, down by five percent year on year.

The company’s Turkey-based subsidiary MMK Metalurji’s total sales in 2020 increased by 2.8 percent year on year to 741,000 mt, reflecting the product portfolio diversification strategy of the Turkish steel segment, while its polymer-coated steel sales rose by 25.5 percent year on year to 181,000 mt.

MMK expects that stable demand in the domestic and international markets will support sales in the first quarter of 2021. The major increase in raw material prices and positive dynamics of global prices for steel products will support the growth of prices for MMK Group’s steel products in the first quarter of 2021. The company expects its operational initiatives will further boost the company’s profitability in the given quarter.


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