Russian MMK posts 11% output increase for Q1
Russia’s third-largest steelmaker by output Magnitogorsk Iron & Steel Works (MMK)’s Q1 crude steel output reached 3.42 million tons, increasing by 10% from a quarter earlier and rising by 11% year on year.
In the Q1, the company’s output of coking coal concentrate decreased by 12% and the consumption of own iron ore was 1.05 million tons, down by 9%, both compared to that in a quarter ago.
MMK expected to increase the sales of finished products in the Q2, driven by good performance of Russian economy and seasonal steel demand.
News Date 27 Apr 2012 13:39:55 reported by Brian Lu