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MMK posts 2.6% decrease in steel output for 1H 2024

Sales of metal products made by MMK Group amounted to 5.78 mln tons in 1H 2024, down by 0.8% year-on-year

MOSCOW, July 18. /TASS/. Steel output by Russia’s MMK Group (Magnitogorsk Iron and Steel Works) edged down by 2.6% in the first half of 2024 year-on-year to 6.35 mln tons, whereas its pig iron production rose by 1.7% in annual terms to 5 mln tons, the company reported.

Coal concentrate output dropped by 25.2% in the reporting period to 1.346 mln tons.

Sales of metal products made by MMK Group amounted to 5.78 mln tons in 1H 2024, down by 0.8% year-on-year.

Q2 steel output increased by 13.7% quarter-on-quarter to 3.37 mln ton. Pig iron production grew by 13.1% in the period to 2.65 mln tons, while coal concentrate output fell by 15.6% to 616,000 tons in the second quarter, the company said.

Total sales of MMK Group’s metal products went up by 11.6% in Q2 quarter-on-quarter to 3.049 mln tons. Sales of premium products rose by 32.8%, bringing the share of premium products in the sales portfolio to 45.8%.

MMK is one of the largest global steel producers. Its operations in Russia include a steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. Chairman of the board of directors Viktor Rashnikov is the main shareholder of the company, holding 79.76% of shares, while the remaining stock is in free float.

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