Bloomberg reported that OAO Magnitogorsk Iron & Steel, Russian billionaire Mr Victor Rashnikov steelmaker plans to boost steel product sales next year as demand from automakers climbs.

MMK is targeting an increase of 7% to 8% in 2012. The steelmaker expects to sell at least 11.4 million tonnes of products this year up by 10%YoY.

Russian steel producers are expanding output as demand from vehicle manufacturers increases. In the first nine months of 2011, Russian passenger-car output rose 54% to 1.27 million vehicles, while steel-pipe production gained 18% to 7.7 million tons.

Growth at MMK will be led next year by its Mill 2000 in Magnitogorsk. MMK is scheduled to start the second phase of the mill which produces steel for automakers in July.

MMK’s total Russian sales may rise by 14% next year.

(Sourced from Bloomberg)