Russia: MMK opens research center at Skolkovo

PJSC Magnitogorsk Iron and Steel Works and Foundation for development of the New Technologies Development and Commercialization Center at the Skolkovo Foundation have signed an agreement to establish the MMK Research Center at Skolkovo. The agreement was signed by MMK CEO Pavel Shilyaev and President of the Skolkovo Foundation Victor Vekselberg. MMK plans to invest…

Russia: MMK to pay dividends quarterly

The Board of Directors of PJSC Magnitogorsk Iron and Steel Works on October 16 approved a resolution to convene an extraordinary general meeting of shareholders (EGM) with absentee voting, and approved the agenda for the EGM. Dividends on issued shares of PJSC MMK will be paid based on the results of the first nine months…

Russia: MMK best employer

MMK has been named the best Russian employer by Forbes. The company was one of the 4 Russian companies to enter top-500 of the World’s Best Employers rating, occupying the 214th position. “Retaining the leading positions on the world metal market and demonstrating the considerable industrial dynamics, MMK has among its priorities the social responsibility”,…

Russia: MMK output up in January-September 2017

In January-September MMK increased steel output by 1.9% YoY, to 9.569 million tons.

Pig iron manufacture grew by 3.1%, to 7.509 million tons.

Sales went up by 1.2%, to 8.759 million tons.

In 2016 MMK produced 12.5 million tons of steel, up by 2.5% YoY. (Ukrainian metal)

Russia: MMK Trading House increases sales

MMK Trading House LLC is expanding the sales of its sections for major construction projects. In August the company supplied profiled sheeting for the construction of the TMK scientific-technical center in Skolkovo, as well as delivered galvanized sheeting to a number of cattle-breeding projects under construction in the Central region. The volume of the delivery…

Russia: MMK to pay dividends for H1 2017

On September 29 MMK hosted an extraordinary meeting of its shareholders. By the majority of votes it was decided to pay dividends for the first half year in the amount of 0.869 rubles per ordinary share (some $164 million). This equals to 75% of the free fund flow of the company in H1, which exceeds…

Russia: MMK certifies rebars according to Belarus standards

MMK has finished certification of its rebars by the BelStandartCentr. This certification center carries out independent estimation of manufacture and product quality correspondence to Belarus standards and norms. As the result of the certification BelStandartCentr has confirmed the correspondence of MMK rebars to the TP 2009/13/BY “Buildings and structures, construction materials and wares. Safety”, as…

Russia: MMK to buy LMZ

MMK is preparing to purchase Lysva Iron and Steel Works. According to a source, the parties have signed preliminary documents and MMK has applied to the Federal Antimonopoly Service. The Service confirmed the receipt of the documents on August 17, but prolonged their reviewing to study the competition environment. MMK says it is regularly monitoring…

Russia: MMK again in environment TOP-10

MMK has once again entered the first ten of the Russian fuel-energy and metal industry environment ratings in H1 2017. The company occupied the 10th position among other 33 companies, thus retaining its results of the previous half year and being the only metal company to get to the top ten. Among MMK environment initiatives…

Russia: MMK mining and processing turns 86

The mining and processing complex of Magnitogorsk Iron and Steel Works comprises of a mine shop, an ore-dressing factory, a sinter shop, a grinding-kilning shop and the sinter charge preparation shop. For the past several years the shop has undergone a massive reconstruction. In particular, the company has reconstructed the sulfur-exhaust machine, which allowed increasing…

Russia: Rashnikov sells 3% in MMK

Mintha Holding Limited of businessman Viktor Rashnikov has sold a 3% interest in Russia’s Magnitogorsk Iron and Steel Works (MMK) on the market for about 36.7 rubles per security, a financial source reported on September 6. “The bidding book was open yesterday and the placement of the entire stake was successful. Many Russian brokers bid…

Russia: MMK-Metiz profits up in Q2 2017

In April-June MMK-Metiz received 444.6 million rubles of net profit, up 1.8-fold QoQ. In H1 the company received 696.4 million rubles of net profit against 110 million rubles in H1 2016. MMK-Metiz earnings in H1 totaled 9.62 billion rubles, up by 22% YoY. Sales in Q2 increased by 18% QoQ, to 5.21 billion rubles. (Ukrainian…

Russia: EU duties not to affect MMK

The imposition of EU duties on hot-rolled metal will not affect Magnitogorsk Iron and Steel Works. “At present a minimum price of 473 euro per ton is being discussed. If the price is higher, the duty will not be imposed. This price is ok for us. We’re trading at much higher prices, so the duty…

Russia: MMK net profits up in H1 2017

In January-June Magnitogorsk Iron and Steel Works received $538 million of net profit, up by 10.7% YoY.

According to the company statement, its EBITDA increased by 29.2%, to $907 million, earnings grew by 37.8%, to $3,586 billion.

In 2016 MMK produced 12.5 million tons of steel, up by 2.5% YoY. (Ukrainian metal)

Russia: MMK replaces oxygen converters

Magnitogorsk Iron and Steel Works will replace converters at its oxygen converter shop. The project is expected to be complete this year. All the equipment will be supplied by Novokramatorsk Machine-Building Works (Ukraine). NKMZ has already shipped the equipment of the converter bulk. At present the works is manufacturing the third bulk of a converter.…

Russia: MMK-Metiz passes quality management system audit

MMK-Metiz quality management system has successfully passed the audit for the correspondence to ISO 9001:2015 and ISO/TS 16949:2009.

According to the company statement, the system has been checked by TUV Nord Cert experts.

MMK-Metiz was certified according to ISO 9001 back in 2006, and according to ISO/TS 16949 in 2007. (Ukrainian metal)

Russia: MMK modernization decreases electricity consumption

Schneider Electric has finished modernization of the automatization and electricity supply system in the smoke exhaust department of the oxygen-converter shop of Magnitogorsk Iron and Steel Works. This allowed MMK to decrease electricity consumption by 36% and provide for faultless operation of the important technological site. “This is the first project of energy efficiency improvement…