MMK Metalurji, the Turkey based subsidiary of Russian steel giant Magnitogorsk Iron and Steel Works has halted crude steel production until December 1st 2012 due to higher raw material costs and shrinking demand.

The steelmaker has been registering low production tonnages for a while now. Apart from the temporary production halt, it is also heard that 500 workers have been given unpaid leave until November 30th 2012.

MMK Metalurji announced 40% fall year on year in its crude steel production for the Q3.

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(www.steelguru.com)