In January-March Magnitogorsk Iron and Steel Works increased sales of cold-rolled metal by 49% YoY, to 11.9 billion rubles.
According to the company statement, bars sales went up by 52%, to 12 billion rubles. The increase in both cases was due to the rise of average prices – by 46% and by 45% respectively.
Galvanized sheet sales increased by 38%, to 11.6 billion rubles, thanks to the average price growing by 31%. All in all MMK metal sales income increased by 38%, to 90 billion rubles.
MMK notes that in Q1 the demand for rolled metal in Russia was weak, as the consumption traditionally decreases in winter. But the seasonal increase of demand in April did not occur, nor is it expected in May. MMK believes the situation will improve in June. (Ukrainian metal)