Russian steel maker Magnitogorsk Iron & Steel Works announces that its hot metal output increased by 13.1% QoQ to 2.336 million tonne in July-September 2022 quarter, reflecting a partial recovery in demand for steel products in the Russian market and the completion of repairs at the blast furnace. Steel output decreased by 3.3% QoQ to 2.796 million tonne mainly due to lower steel production at the Turkish asset and unfavorable global market conditions. Sales of metal products across MMK Group grew by 17.4% QoQ to 2.773 million tonne on the back of a recovery in business activity in the Russian market and the sale of metal stocks accumulated in the 2nd quarter. MMK said “The decrease in pig iron smelting by 15.2% YoY to 6.649 million tonne in 9 months of 2022 is due to lengthy overhauls in blast furnace production and deteriorating market conditions. The volume of steel production decreased by 11.7% YoY to 8.859 million tonne due to a slowdown in business activity in the main sales markets and existing export restrictions. Sales of steel products across MMK Group amounted to 8.018 million tonne down 10.8% YoY due to existing export restrictions, lengthy overhauls of rolling equipment at the beginning of the year, and a significant slowdown in global business activity.
Russian steel maker Magnitogorsk Iron & Steel Works announces that its hot metal output increased by 13.1% QoQ to 2.336 million tonne in July-September 2022 quarter, reflecting a partial recovery in demand for steel products in the Russian market and the completion of repairs at the blast furnace. Steel output decreased by 3.3% QoQ to 2.796 million tonne mainly due to lower steel production at the Turkish asset and unfavorable global market conditions. Sales of metal products across MMK Group grew by 17.4% QoQ to 2.773 million tonne on the back of a recovery in business activity in the Russian market and the sale of metal stocks accumulated in the 2nd quarter. MMK said “The decrease in pig iron smelting by 15.2% YoY to 6.649 million tonne in 9 months of 2022 is due to lengthy overhauls in blast furnace production and deteriorating market conditions. The volume of steel production decreased by 11.7% YoY to 8.859 million tonne due to a slowdown in business activity in the main sales markets and existing export restrictions. Sales of steel products across MMK Group amounted to 8.018 million tonne down 10.8% YoY due to existing export restrictions, lengthy overhauls of rolling equipment at the beginning of the year, and a significant slowdown in global business activity.
