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 totaled $189 million, rising by 12.5 percent from the preceding quarter, due to the increase in finished steel sales by 8.1 percent quarter on quarter.
In the given quarter, MMK Metalurji registered an EBITDA of $5 million, down 64.3 percent compared to the previous quarter. The decline in EBITDA was due to a narrower spread between prices for hot rolled steel and coated steel amid lower demand for construction products.