Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that in the third quarter this year the sales revenues of its Turkey-based subsidiary MMK Metalurji decreased by six percent quarter on quarter to $125 million.
In the given quarter, MMK Metalurji registered an EBITDA of $1 million, decreasing by 95.7 percent compared to the second quarter, due to slower growth in prices for coated steel in Turkey compared to prices for hot rolled steel (the key raw material purchased in the market), as well as high market volatility due to political instability.