Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for 2024.
In 2024, MMK’s net profit decreased by 32.6 percent year on year to RUB 79.24 billion ($951.63 million). The company’s revenue rose by 0.7 percent year on year to RUB 768.47 billion ($9.18 billion), reflecting an increase in rising prices for metal products amid rising costs and inflationary factors. MMK’s EBITDA amounted to RUB 153.02 billion ($1.83 billion), down 21.8 percent compared to 2023, owing to an improvement in raw material prices, while its EBITDA margin declined to 19.9 percent, from 25.6 percent in 2023.
MMK reported that in the given year, its coated rolled product sales increased by three percent year on year to 6 million mt. The company expects seasonal factors and higher lending rates to affect business negatively in Russia at the beginning of 2025. MMK will continue the program of major repairs for the blast furnaces in the first quarter of 2025.
Since the key projects within the framework of the group’s development strategy until 2025 has been completed, the company’s capital investment are expected to decline significantly in 2025.
