MOSCOW, April 18. /TASS/. Magnitogorsk Iron and Steel Works (MMK) in January - March 2024 reduced steel output by 2.9% year-on year to 2.97 mln tons. At the same time, pig iron output remained at the 2023 level at 2.34 mln tones, the company said.

Output of coal concentrate decreased by 14.9% compared to the Q1 2023 to 730,000 tons, while output of iron ore raw materials fell by 14.4% to 408,000 tons.

Sales of metal products of the MMK group in the reporting period reached 2.73 mln tons (-1.1%). Sales of premium products decreased by 10.4% year-on-year.

At the same time, steel production decreased by 4.7% compared to the Q4 of 2023 due to seasonal factors, MMK noted. Pig iron smelting also decreased by 3%, while sales of the group's steel products decreased by 5.5% to 2.73 mln tons. The volume of coal concentrate production decreased by 9.9%.

MMK is one of the world's largest steel producers and occupies a leading position among Russian ferrous metallurgy companies, producing a wide range of metal products with a predominant share of products with high added value for all major metal-consuming sectors of Russian industry.