MMK has delivered a trial batch of metal to Turkey via railroad Magnitogorsk – Baku – Tbilisi – Kars. Now the company is negotiating with Azerbaijani ADY Express the ways to supply up to 250 thousand tons of metal per year via this route. 4 containers with the total weight of 120 tons have been…
In January-June MMK net profit increased by 24.7% YoY, to $671 million. Revenue grew by 16%, to $4.16 billion. EBITDA went up by 33.4%, to $1.21 billion. The group debts as of late June totaled $521 million. “The high financial results allowed the Board of directors to recommend paying $281 million of dividends for Q2”,…
MMK has decreased the forecast of demand for its products this year almost 2-fold because of the tax reform. While seeking money for pre-election promises of president Vladimir Putin, Russian authorities suggested increasing the base rate of added value tax by 2%. “Last year steel consumption in Russia grew by 6.5%. This year we estimate…
The president of Russia Vladimir Putin has marked the environmental initiatives of Magnitogorsk Iron and Steel Works (MMK) with a letter, sent to the company’s employees, in the course of the celebrations of the Day of the Metallurgist. The letter from the Russian president reads: “I thank you for the active part you have played…
In April-June MMK sold 2.848 million tons of metal, up by 0.7% QoQ, including 1.381 million tons of high added value products, up by 2.7%. In 6 months MMK sold 5.675 million tons of metal, including 2.726 million tons with high added value, up by 2.1% and by 7.3% YoY respectively. In particular, sales of…
Magnitogorsk Iron and Steel Works (MMK) plans to invest 38 billion rubles until 2025 into environment protection, an MMK representative reported. The Chelyabinsk region’s department of the Federal Service for Natural Resources Oversight sent a report to the federal department stating that MMK inflicted 3.2 billion rubles of financial damage on water bodies of the…
A new plant for the enrichment of sludge at sludge depository No. 2 has been launched at PJSC Magnitogorsk Iron and Steel Works’ (MMK) ore-dressing workshop. This will allow the company to increase the share of its own iron ore materials in sinter production’s burden, but also to significantly decrease its industrial impact on the…
MMK has finished the reconstruction of the blast furnace No. 1, commissioned in 1932. The cost of the project, carried out in less than 6 months, totaled 5.4 billion rubles, including 2.35 billion rubles worth of machinery and the rest being construction and repair works. The reconstruction of the BF1 and the construction of the…