MMK’s crude steel output up 2.5 percent in 2016

Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has released its operational results for the fourth quarter and the full year of 2016.

 

Accordingly, in the fourth quarter, the company recorded a 0.7 percent decrease in its crude steel output to 3.15 million mt and a two percent increase in its finished steel product shipments to 2.92 million mt, both compared to the previous quarter. Overall steelmaking capacity utilization at the main Magnitogorsk site in the given quarter exceeded 89 percent.

 

Meanwhile, in 2016, MMK's crude steel production amounted to 12.54 million mt, up 2.5 percent, while the company’s finished steel product shipments decreased by 3.4 percent to 11.57 million mt, both year on year. Overall steelmaking capacity utilization at the main Magnitogorsk site in 2016 was 89 percent.

 

MMK stated that signs of improvement in a number of sectors suggest that domestic demand will start to recover and price premiums will be maintained in the current year. However, MMK anticipates that demand in the first quarter of this year will be under pressure from the usual seasonal factors.