Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji's finished steel output decreased by 17.2 percent quarter on quarter to 156,000 mt in the fourth quarter of 2016. In 2016, its finished steel output totaled 615,000 mt, down 1.3 percent compared to the previous year.
In the fourth quarter last year, the hot rolled flat product sales of MMK Metalurji totaled 37,000 mt, rising by 19.6 percent, while its galvanized steel sales amounted to 139,000 mt, up 6.4 percent, both compared to the previous quarter. In the full year, the company’s hot rolled flat product sales increased by 68.2 percent to 134,000 mt, and its galvanized steel sales rose 15 percent to 511,000 mt, both year on year.
MMK Metalurji stated that, despite the continued political instability and devaluation of the local currency in Turkey, it aims to maintain current utilization rates in the current year.