Russian steelmaker MMK Group has released its operational results for the second quarter and the first half this year.
Accordingly, in the second quarter this year, the company’s crude steel output totaled 2.89 million mt, decreasing by 7.9 percent quarter on quarter, due to market headwinds, while its pig iron production decreased by 8.1 percent compared to the previous quarter totaling 2.06 million mt, amid blast furnace overhauls and lower demand for pig iron. In the given quarter, MMK’s finished steel sales totaled 2.36 million mt, down 18.1 percent compared to the previous quarter, driven by the demand contraction for metal products in Russia, existing limitations, and unfavorable export market conditions.
In the first half, the company’s crude steel output totaled 6.06 million mt, decreasing by 9.5 percent year on year, due to lower demand amid market headwinds. MMK’s pig iron production in the given period decreased by 17.3 percent year on year to 4.32 million mt. In the given half, the company’s finished steel sales totaled 5.24 million mt, down by 15.7 percent year on year, reflecting lengthy equipment overhauls, existing restrictions on export markets, the significant slowdown in business activity in Russia and the challenging global market environment.