Synopsis: Magnitogorsk Iron & Steel Works has released its trading update for Q3 and 9M 2023. Key highlights include a rise in pig iron and steel output for the year, driven by favorable market conditions. Sales of premium products, including cold-rolled, galvanized, and color-coated steel, have remained robust. However, coal concentrate production declined due to mining challenges. This update provides insights into MMK's performance and market dynamics.Article: PJSC Magnitogorsk Iron & Steel Works (MMK) has published its trading update for the third quarter (Q3) and the first nine months (9M) of 2023. This update sheds light on the group's performance and key indicators in the steel and metal products sector.Key Indicators for Q3 2023 vs. Q2 2023:1. Pig iron output increased by 1.7% quarter-on-quarter (q-o-q) to 2,612 thousand tonnes.2. Steel output reached 3,457 thousand tonnes, but it decreased by 3.0% q-o-q due to lower steel demand. This drop resulted from short-term overhauls of rolling equipment at the Magnitogorsk production site.3. Group sales of metal products remained high q-o-q, totaling 3,067 thousand tonnes. This reflected continued favorable market conditions in Russia and neighboring countries. Sales of premium products, including cold-rolled, galvanized, and color-coated steel, remained strong at 1,340 thousand tonnes, driven by positive demand dynamics in the automotive industry and consumption in metal processing and construction materials. The share of premium products in the sales portfolio increased to 43.7%.4. Coal concentrate production declined by 7.7% to 943 thousand tonnes due to lower coal mining volumes, mainly because of challenging mining and geological conditions.Key Indicators for 9M 2023 vs. 9M 2022:1. Pig iron output rose by 13.2% year-on-year (y-o-y) to 7,526 thousand tonnes, primarily due to a shorter duration of blast furnace overhauls compared to the previous year.2. Steel output increased by 11.5% y-o-y to 9,869 thousand tonnes, reflecting the continued favorable conditions in the Russian market. Steel output at the Magnitogorsk facilities saw significant growth, rising by 19.5% y-o-y to 9,611 thousand tonnes. However, steel production at the Turkish asset decreased by 68.3% y-o-y to 258 thousand tonnes due to challenging macroeconomic conditions in Turkey.3. Group sales of metal products rose by 10.9% y-o-y to 8,893 thousand tonnes, driven by robust construction activity and increased demand from the automotive and machine-building industries. Sales of premium products, including cold-rolled, galvanized, and polymer-coated steel, increased by 9.0% y-o-y to 3,844 thousand tonnes.4. Production of coal concentrate increased by 1.1% y-o-y to 2,671 thousand tonnes.This trading update offers valuable insights into MMK's performance, emphasizing its resilience in the face of market dynamics and challenges.Conclusion: The trading update for Q3 and 9M 2023 by PJSC Magnitogorsk Iron & Steel Works (MMK) highlights its performance and key indicators. MMK has seen growth in pig iron and steel output, supported by favorable market conditions and strong demand for premium products. However, challenges in coal mining have led to a decline in coal concentrate production. The update provides a comprehensive view of MMK's performance and its resilience in the face of market dynamics.
Synopsis: Magnitogorsk Iron & Steel Works has released its trading update for Q3 and 9M 2023. Key highlights include a rise in pig iron and steel output for the year, driven by favorable market conditions. Sales of premium products, including cold-rolled, galvanized, and color-coated steel, have remained robust. However, coal concentrate production declined due to mining challenges. This update provides insights into MMK's performance and market dynamics.Article: PJSC Magnitogorsk Iron & Steel Works (MMK) has published its trading update for the third quarter (Q3) and the first nine months (9M) of 2023. This update sheds light on the group's performance and key indicators in the steel and metal products sector.Key Indicators for Q3 2023 vs. Q2 2023:1. Pig iron output increased by 1.7% quarter-on-quarter (q-o-q) to 2,612 thousand tonnes.2. Steel output reached 3,457 thousand tonnes, but it decreased by 3.0% q-o-q due to lower steel demand. This drop resulted from short-term overhauls of rolling equipment at the Magnitogorsk production site.3. Group sales of metal products remained high q-o-q, totaling 3,067 thousand tonnes. This reflected continued favorable market conditions in Russia and neighboring countries. Sales of premium products, including cold-rolled, galvanized, and color-coated steel, remained strong at 1,340 thousand tonnes, driven by positive demand dynamics in the automotive industry and consumption in metal processing and construction materials. The share of premium products in the sales portfolio increased to 43.7%.4. Coal concentrate production declined by 7.7% to 943 thousand tonnes due to lower coal mining volumes, mainly because of challenging mining and geological conditions.Key Indicators for 9M 2023 vs. 9M 2022:1. Pig iron output rose by 13.2% year-on-year (y-o-y) to 7,526 thousand tonnes, primarily due to a shorter duration of blast furnace overhauls compared to the previous year.2. Steel output increased by 11.5% y-o-y to 9,869 thousand tonnes, reflecting the continued favorable conditions in the Russian market. Steel output at the Magnitogorsk facilities saw significant growth, rising by 19.5% y-o-y to 9,611 thousand tonnes. However, steel production at the Turkish asset decreased by 68.3% y-o-y to 258 thousand tonnes due to challenging macroeconomic conditions in Turkey.3. Group sales of metal products rose by 10.9% y-o-y to 8,893 thousand tonnes, driven by robust construction activity and increased demand from the automotive and machine-building industries. Sales of premium products, including cold-rolled, galvanized, and polymer-coated steel, increased by 9.0% y-o-y to 3,844 thousand tonnes.4. Production of coal concentrate increased by 1.1% y-o-y to 2,671 thousand tonnes.This trading update offers valuable insights into MMK's performance, emphasizing its resilience in the face of market dynamics and challenges.Conclusion: The trading update for Q3 and 9M 2023 by PJSC Magnitogorsk Iron & Steel Works (MMK) highlights its performance and key indicators. MMK has seen growth in pig iron and steel output, supported by favorable market conditions and strong demand for premium products. However, challenges in coal mining have led to a decline in coal concentrate production. The update provides a comprehensive view of MMK's performance and its resilience in the face of market dynamics.
