OJSC Magnitogorsk Iron and Steel Works (MMK) and Eurasian Resources Group (ERG), a leading diversified natural resources producer, have signed a strategic agreement for the supply of iron ore. The agreement provides for the supply of more than 30 million tons of iron ore, including pellets and concentrate, from the Sokolovsko-Sarbayskaya mine (JSC SSGPO, part…
A conveyor belt with coal on it has caught fire at a facility of Russia’s Magnitogorsk Iron and Steel Works (MMK) in the city of Chelyabinsk, the regional department of the Emergency Situations Ministry said in a statement. In total, 200 line meters of the conveyor belt between a coal beneficiation facility and an eighth…
The sintering shop of Magnitogorsk Iron and Steel Works produced the 700-millionth ton of sinter. MMK produced 100 million tons of sinter in 1961, reaching 200 million tons in 1969, 300 million tons in 1977 and 500 million tons in 1996. November 2007 saw the production of the 600-millionth tons of sinter. The first tons…
In January 2017 the hot-rolling mill-2000 at Magnitogorsk Iron and Steel Works will be halted for capital repairs for 9 days. At present the preliminary works are being carried out at the mill. The overhaul will increase capacity by 150 thousand tons of metal per year. The works will be carried out by the specialists…
In Q3 MMK-Metiz received 160.1 million rubles of net profits, down by 34% QoQ. The drop is explained by the sales decrease: in Q3 the company sold 4.11 billion rubles worth of products, down by 13% QoQ. In January-September MMK-Metiz received 279.48 million rubles of net profits, up 12 times YoY, with sales down by…
In 2016 Magnitogorsk Iron and Steel Works could receive $1 billion of net profits. Experts believe that the net profits will total $814, with EBITDA at $1.5 billion. In H1 MMK earned $486 million of net profits. Q3 results are on par with Q2, and MMK prices went up by 5%. Even though in Q4…
Russia’s Magnitogorsk Iron and Steel Works (MMK) plans to accumulate about $500 million in cash after its debt diminishes to $230 million in 2017 from the current $520 million, Andrei Yeryomin, the company’s director for economy, said. “This year the bulk of our free cash flow was allocated for debt redemption. After the debt has…
This year MMK plans to increase sales by 245 thousand tons YoY, to 11257 thousand tons. The local market will receive 7144 thousand tons, with 3136 thousand tons to be exported. Hot-rolled flats sales will drop to 3048 thousand tons due to the decrease in demand on behalf of pipe manufacturers; cold-rolled metal sales will…