MMK Group: Navigating Market Dynamics in Q4 2023

MMKImage Source: MMK


PJSC Magnitogorsk Iron & Steel Works unveils its Q4 and 12M 2023 Trading Update, navigating through various operational facets. Despite a 7.5% decrease in pig iron output and a 7.1% dip in steel production for Q4, MMK witnessed a resilient year-on-year growth. The 12M 2023 report reveals a 9.5% increase in pig iron output and an 11.1% rise in steel production, buoyed by favorable Russian market conditions. The sales landscape, premium product trends, and coal concentrate production nuances contribute to the comprehensive overview.


In the ever-evolving landscape of steel production, PJSC Magnitogorsk Iron & Steel Works (MMK) provides a detailed glimpse into its Q4 and 12M 2023 Trading Update, shedding light on key indicators that shape the industry narrative.

In Q4, MMK faced operational challenges, with pig iron output experiencing a 7.5% quarter-on-quarter decline, totaling 2,416 metric tons. The decrease was attributed to the overhaul of blast furnace No. 8. Similarly, steel output witnessed a 7.1% dip, reaching 3,116 metric tons, primarily due to the overhaul of the basic-oxygen furnace at the Magnitogorsk production site. The impact reverberated in the group's sales of metal products, registering a 5.7% quarter-on-quarter decrease to 2,891 metric tons. Notably, premium product sales constituted 41.3% of the portfolio.

Coal concentrate production faced a 6.9% reduction, reaching 810 metric tons, influenced by seasonal factors affecting coal processing.

Contrastingly, the 12M 2023 report showcases MMK's resilience, marked by a 9.5% year-on-year surge in pig iron output, totaling 9,943 metric tons. Steel output followed suit, growing by 11.1% year-on-year to 12,985 metric tons. This positive trajectory was fueled by favorable conditions in the Russian market, with robust construction activity and increased demand from automotive and machine-building industries.

Group sales of metal products reflected the buoyancy, escalating by 11.1% year-on-year to 11,784 metric tons. The premium product segment saw a 7.1% year-on-year increase, reaching 5,039 metric tons, although the share in the sales portfolio slightly declined to 42.8%.

However, coal concentrate production witnessed a marginal year-on-year decrease, reaching 3,481 metric tons.


MMK's Q4 and 12M 2023 Trading Update paints a dynamic picture of a steel industry player navigating challenges and leveraging opportunities. The quarter's operational adjustments set against a backdrop of a robust year showcase MMK's adaptability. The focus on premium products and the market's response to favorable conditions underscore MMK's strategic positioning. As MMK continues to steer through market dynamics, the report sets the tone for further growth and resilience.

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