Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the first quarter of 2025.
In the first quarter this year, MMK’s net profit decreased by 73.7 percent quarter on quarter and by 86.8 percent year on year to RUB 3.14 billion ($37.89 million). The company’s revenue went down 4.3 percent quarter on quarter and by 17.9 percent year on year to RUB 158.45 billion ($1.91 billion), reflecting a decrease in sales volumes and selling prices amid high interest rates and a slowdown in business activity in Russia.
MMK’s EBITDA amounted to RUB 19.76 billion ($238.67 million), down 15.3 percent compared to the previous quarter, while it recorded a 53.1 percent decrease compared to the first quarter of 2024, amid lower revenue and the impact of cost inflation.
