Russia: MMK EGM approves dividends for Q2 2019

An extraordinary general meeting of MMK shareholders was held on September 27 with absentee voting. Shareholders approved by majority vote a dividend on MMK’s issued ordinary registered shares of 0.690 rubles (including tax) per share for the second quarter of 2019. The dividends will be paid in cash by bank transfer within the period and…

Russia: MMK and TMK developing cooperation

The coordination council of MMK and TMK has held a meeting. The parties discussed the results of cooperation and set prospects to continue it. This was the 27th meeting of the council. In 2018 TMK pipe plants received over half a million tons of flat rolled metal manufactured by MMK. In January-September deliveries will total…

Russia: ММК 2019 CMD registration now open

PJSC Magnitogorsk Iron and Steel Works announces that registration for its Capital Markets Day in London is now open. The event will begin at 9:00 am London time (12:00 pm Moscow time) on November 15. At the Capital Markets Day, Chairman of the Board of Directors of MMK, Viсtor Rashnikov, Independent member of the Board…

Russia: MMK initiates important environmental project

Magnitogorsk Iron and Steel Works (MMK), as part of its environmental program, has begun reconstruction of the gas outlet at the sinter plant No. 3. This will significantly reduce the plant’s anthropogenic impact on the environment. The project’s investment will amount to 190 million rubles. The reconstruction project will replace the duct, which connects the…

Russia: MMK continues robotization of business processes

As part of the project to implement business process automation at the Magnitogorsk Iron and Steel Works (MMK), MMK-Informservice has entered into a general partnership agreement with UiPath, a world leader in producing software platforms for robotic process automation (RPA). The partnership will improve the efficiency of MMK’s large-scale project to automate business processes by…

Russia: Ministry of Natural Resources confirms effectiveness of MMK’s environmental program to improve air quality in Magnitogorsk

Magnitogorsk has been excluded from the list of cities with the most polluted air in 2018, according to a report by the Russian Ministry of Natural Resources and Environment. Thanks to MMK’s large-scale environmental program, the Comprehensive Air-quality Index (CAI) indicator for the city will have been reduced to a low level by 2025. The…

Russia: MMK implementing environmental initiatives with support by ThyssenKrupp Industrial Solutions

ThyssenKrupp Industrial Solutions has performed an inspection of the coking and by-product facilities at Magnitogorsk Iron and Steel Works (MMK) as part of implementation of an environmental program for reduction of dust and gas emissions from the Coke Plant. The key priority of MMK’s environmental policy is implementation of measures included in the Clean Air…

Russia: MMK announces Capital Markets Day

PJSC Magnitogorsk Iron and Steel Works will hold a Capital Markets Day in London on November 15. At the CMD, Chairman Viktor Rashnikov, INED Morgan Ralph Tavakolian and the executive management team will discuss MMK’s progress against the Company’s strategy to 2025. The presenting team will include: Viktor Rashnikov, Chairman of the Board of Directors,…

Russia: MMK’s environmental and energy efficiency projects recognized by UNIDO award

Magnitogorsk Iron and Steel Works (MMK) was awarded a certificate by the United Nations Industrial Development Organisation (UNIDO) for its contribution to sustainable development and environmental initiatives in the Chelyabinsk region, as well as for the successful implementation of its “Energy Management of Industrial Enterprises” program. UNIDO is a specialized agency of the United Nations,…

Russia: MMK implements digitalization program in partnership with Deloitte CIS

Deloitte CIS has completed an assessment of MMK’s digital maturity and transformation potential as part of MMK’s digitalization strategy. The joint team applied Deloitte’s global experience to analyze MMK’s current digital initiatives and future potential. Currently, as part of the company’s Industry 4.0 initiative, MMK is implementing more than 20 projects, dozens have been completed…

Russia: MMK IFRS net profit down in H1 2019

The net profit of Russia’s Magnitogorsk Iron and Steel Works (MMK) fell by 25.9% YoY, to $497 million in January-June, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on August 1. Revenue went down by 7.8%, to $3.835 billion in the period. Earnings before interest, taxes, depreciation, and amortization…

Russia: MMK steel output down in Q2 2019

Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) reduced its steel output by 0.5% QoQ, to 3.091 million tons in April-June, while cast iron production rose by 2.3%, to 2.452 million tons, the company said in a statement. In January-June it raised its steel production by 0.4% YoY, to 6.198 million tons. Cast iron production…