MOSCOW, May 10. /TASS/. Magnitogorsk Iron & Steel Works (MMK) remains committed to reaching $1 bln in EBITDA growth by 2025 through a portfolio of strategic initiatives, according to the company's annual report.

At the same time, MMK noted a significant decrease in EBITDA in 2022, but the report does not provide absolute values.

MMK's EBITDA more than doubled to $4.29 bln at the end of 2021, the company said earlier. The EBITDA margin increased by 12.8 percentage points to 36.1%. Free cash flow for 2021 more than doubled to $1.61 bln due to an increase in EBITDA.

According to the annual report for 2022, 86% of MMK's products were transported to the Russian market (72%), followed by the CIS countries (14%, which included Uzbekistan, Kazakhstan, Belarus, and other countries).

In 2023, MMK expects to raise the overall volume of sales to Russian and CIS markets, with the Russian and the CIS markets accounting for 87% of total deliveries. According to the report, MMK has the largest share of the supply of steel goods to the Russian market with 16.2%.

Exports accounted for 14% of the group's sales structure at the end of 2022, with the importers being countries from the Middle East (69%), Europe (10%), Asia (15%), and Africa (5%).

MMK is one of the world's largest steel producers and a market leader among Russian ferrous metallurgy companies, producing a diverse variety of steel products, with a focus on high-value-added goods for all main metal-consuming sectors in Russia.