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 increased by 24.7 percent from the previous quarter to $187 million, due to the increase in finished product sales volumes quarter on quarter.
In the given quarter, MMK Metalurji registered an EBITDA of $9 million, marginally lower compared to the first quarter but in line with the company’s anticipated annual EBITDA. This fall is related to the quarter-on-quarter fall in global steel prices in the given quarter.