Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji's finished steel output increased by 5.5 percent quarter on quarter to 176,000 mt in the fourth quarter of 2017. In the full year of 2017, its finished steel output totaled 640,000 mt, up four percent compared to the previous year.
In the fourth quarter last year, the finished steel sales of MMK Metalurji totaled 213,000 mt, falling by 14.5 percent quarter on quarter. In particular, in the given quarter, MMK Metalurji’s hot rolled flat product sales declined by 18.7 percent to 37,000 mt, while its galvanized steel sales amounted to 122,000 mt, down 22.9 percent, both compared to the third quarter of 2017. Meanwhile, in the full year, MMK Metalurji’s finished steel sales totaled 925,000 mt, rising by 8.4 percent, with hot rolled flat product sales of 164,000 mt, up 22.2 percent, and galvanized steel sales of 580,000 mt, increasing by 13.6 percent, all year on year.
MMK stated that the overall increase in MMK Metalurji’s finished steel sales in 2017 is mainly due to an increase in sales of galvanized steel, which under the current market conditions provided higher margins compared to other products, as well as being due to its mastering production of a new product - steel sheets produced by cutting rolled steel made by MMK. According to the company, sustainable local demand and higher export sales mean that sales will likely remain flat in the current year compared to the previous year.