Russian steel giant Magnitogorsk Iron and Steel Works (
MMK) has announced that its
Turkey-based subsidiary
MMK Metalurji has reported sales revenues of $175 million for the first quarter of the current year, increasing by 24 percent compared to the previous quarter and down 18.6 percent year on year, due to a substantial reduction in the sale of finished hot rolled products.
According to
MMK, due to a halt in steel smelting in late 2012 at
MMK Metalurji, only minimum volumes of hot rolled products were sold in the first quarter of 2013 using inventory stock. The finished steel output of
MMK's Turkish steel segment amounted to 178,000 mt in the first quarter, up 17 percent compared to the fourth quarter of 2012, while decreasing by 29.6 percent year on year.