Russian steelmaker MMK Group has released its operational results for the third quarter and the first nine months this year.
Accordingly, in the third quarter this year, the company’s crude steel output totaled 2.79 million mt, decreasing by 3.3 percent quarter on quarter, due to the decrease in steel output at the Turkish division and market headwinds globally, while its pig iron production increased by 13.1 percent compared to the previous quarter totaling 2.33 million mt, reflecting the partial recovery of demand for metal products in the Russian market and the completion of blast furnace overhauls. In the given quarter, MMK’s finished steel sales totaled 2.77 million mt, up 17.4 percent compared to the previous quarter, driven by the recovery of the business environment in Russia.
In the first nine months, the company’s crude steel output totaled 8.56 million mt, decreasing by 11.7 percent year on year, due to a slowdown in business activity in the key sales markets and existing export constraints. MMK’s pig iron production in the given period decreased by 15.2 percent year on year to 6.65 million mt, due to lengthy overhauls at blast furnace operations and deteriorating market conditions. In the given period, the company’s finished steel sales totaled 8.02 million mt, down by 10.8 percent year on year, reflecting existing restrictions in export markets and a significant slowdown in business activity globally.