Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that in the first quarter this year the sales revenues of its
Turkey-based subsidiary
MMK Metalurji decreased by 19.7 percent quarter on quarter to $139 million, due to the decrease in steel prices in the global markets in late 2014 and early 2015.
In the given quarter,
MMK Metalurji registered an EBITDA of $4 million, down 20 percent compared to the previous quarter, reflecting the decline in sales revenues.