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 slightly increased from the second quarter to $190 million.
In the given quarter, MMK Metalurji registered an EBITDA of $16 million, rising 77.8 percent from the previous quarter. This growth was due to the prices for coated steel growing faster than the prices for hot rolled steel during the quarter. Thus, the cost of sales for the given period included the value of hot rolled steel purchased earlier at lower prices, which supported the margin growth.
MMK expects EBITDA for the steel segment in Turkey to grow year on year in the full year.