Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that in the second quarter of the current year the sales revenues of its Turkey-based subsidiary MMK Metalurji decreased by 14.3 percent from the previous quarter to $162 million, due to the decrease in finished product sales volumes quarter on quarter.
In the given quarter, MMK Metalurji registered an EBITDA of $1 million, falling by 80 percent compared to the first quarter. According to MMK, the decline in EBITDA was due to an overall downturn in the Turkish economy amid political instability and depreciation of the local currency, resulting in the postponement of orders.