Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that in the first quarter of the current year its net profit decreased by 51 percent year on year to Ruble 4.517 billion ($165.3 million). The deterioration in the financial performance was mainly caused by the revaluation of capital investments amid changes in the market value of Russian and international companies owned by MMK.
In Q1, MMK increased its crude steel production by 13 percent compared to the same period of last year, to 3.092 million mt. In January-March of this year, MMK's pig iron production increased by 11 percent to 2.471 million mt, its long product production surged by 59 percent to 335,000 mt, its production of galvanized steel went up by 17 percent to 141,000 mt, while its steel pipe output increased by 27 percent to 18,000 mt - all on year-on-year basis.