Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the second quarter and first half of 2025.
In the second quarter this year, MMK’s net profit decreased by 21.1 percent quarter on quarter to RUB 2.48 billion ($31.24 million). The company’s revenue went down by 2.1 percent quarter on quarter to RUB 155.06 billion ($1.95 billion), due to the changes in the sales mix. MMK’s EBITDA amounted to RUB 22.03 billion ($277.51 million), up 11.5 percent compared to the previous quarter amid lower key raw material prices.
On the other hand, in the first half of the year MMK recorded a 88.8 percent year-on-year decrease in net profit, amounting to RUB 5.61 billion ($70.67 million), while its revenue and EBITDA amounted to RUB 313.51 billion ($3.95 billion) and RUB 41.78 billion ($526.36 million), down 25 percent compared to the same period last year due to lower sales volumes and selling prices amid high key rates and a slowdown in business activity in Russia, and down 54.0 percent year on year, respectively.
MMK stated in its report that demand for metal products is expected to remain under pressure in the third quarter of 2025 amid the adverse impact of high key interest rates on business activity.
