Russia: MMK domestic shipments up in 2018

Magnitogorsk Iron and Steel Works’ (MMK) shipments of commercial metal products to the domestic market, including CIS countries, amounted to 9.029 million tons in 2018. This represents an almost 6% increase from the previous year. This constitutes the second largest shipment volume to the domestic market since 2014, when the shipments of metal products amounted…

Russia: MMK increases production energy efficiency

Magnitogorsk Iron and Steel Works (MMK) invested around 500 million rubles into the continued implementation of initiatives aimed at improving the energy efficiency of its production processes in 2018. One of the key tools of energy efficiency improvement is through the elaboration and implementation of relevant innovation proposals. Back in 2016, an Idea Management unit…

Russia: MMK Board meeting results

PJSC Magnitogorsk Iron and Steel Works Board of Directors held a meeting on March 1. The Board approved May 31 as the date for the Annual General Meeting of Shareholders (AGM) of the company. The cut-off date for inclusion in the shareholder register for the AGM is May 6 at the close of trading on…

Russia: MMK metal shipments to TMK up in 2018

The meeting of the coordinating council of Magnitogorsk Iron and Steel Works (MMK) and TMK was held in Magnitogorsk. The representatives of both companies reviewed their joint work in 2018 and discussed future collaboration. According to the results of 2018, 504,600 tons of MMK’s flat steel products were shipped to TMK’s pipe mill. This represents…

Russia: MMK Group spending on social programs up in 2018

In 2018, MMK Group’s financial contributions to charitable causes and new social programs increased by 11% YoY, reaching nearly 2.5 billion rubles. MMK allocated over 1.6 billion rubles to charitable and social projects. A key aspect of MMK’s and the group subsidiaries’ social programs is the encouragement of social activities aimed at improving the health…

Russia: MMK increases rolled metal deliveries to TMK

Magnitogorsk hosted a meeting of the MMK and TMK coordination council.

The parties have discussed the results of the operation in 2018 and plans of further cooperation.

In 2018 TMK pipe enterprises received 504.6 thousand tons of MMK flat rolled metal, up by 10% YoY. (Ukrainian metal)

Russia: Moody’s Upgrades MMK to Baa2

On February 12, Moody’s rating agency upgraded MMK’s Issuer Rating to Baa2 from Baa3 with Stable Outlook. This action followed a sovereign rating action on the government of Russia, which took place on February 8, when Moody’s upgraded Russia’s long-term issuer and senior unsecured debt ratings to Baa3 from Ba1 and changed the outlook on…

Russia: MMK revenue down in Q4 2018

In Q4 2018 MMK revenue decreased by 6.2% QoQ, to $1962 million. EBITDA fell by 20%, and the margin was 27.4%. Net profit totaled $245 million. In 2018 revenue increased by 8.9% YoY, to $8214 million, mostly because of the average price growth (by 8% or by $46 per ton). EBITDA went up by 19%,…

Russia: MMK smelts 800 million tons of steel

Magnitogorsk Iron and Steel Works turns 87. The birthday of the Russian metal giant is February 1, 1932, when the first pig iron was produced at the first blast furnace. In a year MMK added open-hearth manufacture and started producing steel. In August 1934 the mill-500 was commissioned. In 2018 MMK produced 12.7 million tons…

Russia: MMK output down in Q4 2018

The steel output of Magnitogorsk Iron and Steel Works (MMK) fell by 7.8% QoQ, to 3.112 million tons in October-December 2018, the company said in a statement. Cast iron output decreased by 2.4%, to 2.558 million tons. In 2018, the company’s steel output went down by 1.5%, to 12.664 million tons, and cast iron output…

Russia: MMK sets new record in galvanized metal sales

In 2018 MMK sold 1.269 million tons of galvanized rolled metal.

This is the highest result for the company, which exceeds the previous result, set in 2017, by 11.9% (1.134 million tons).

MMK has been increasing galvanized metal sales for the past 15 years. (Ukrainian metal)