Russian MMK continues to reduce output for next Q1
It’s reported that Russian Magnitogorsk Iron and Steel (MMK), operates the 80% of production capacity currently will continue this pace for the next Q1.
It’s known that MMK reduced its output in this Q4 in response to the seasonal demand.
However, the firm stated that it will remain the production capacity of its Turkish subsidiary MMK Metallurji at 100% once it’s completed. The Turkish subsidiary is expected to have 2.3 million tons of production annually from the beginning of next year.
Meanwhile, MMK produced 2.95 million tons of finished steel in the Q3, surged by 10% quarter on quarter.
Besides, the company’s sales revenue in the first nine months of this year generated US$7 billion, soared by 22% year on year; while, its operating profits dropped by 6% to US$1.13 billion.