9,300.30 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.35 USD USD USD
36.25 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
42.75 TRY Interest Interest
72.04 USD Fossil Oil Fossil Oil
30.86 USD Silver Silver
30.86 USD Copper Copper
101.39 USD Iron Ore Iron Ore
375.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,827.25 TRY Gold (gr) Gold (gr)

MMK releases Q2 and H1 2024 operating results

Russia's leading steel company Magnitogorsk Iron and Steel Works saw strong growth in the second quarter of 2024 despite coal mining challenges.

MMK releases Q2 and H1 2024 operating results

The second quarter of 2024 brought a significant increase in production figures compared to the first quarter.

Thus, pig iron smelting increased by 13.1% to 2.653 million tonnes. Steel production increased by 13.7% to 3.377 million tonnes, which is explained by an increase in orders against the backdrop of a seasonal recovery in business activity.

Sales of the Group's steel products totalled 3.049 million tonnes, 11.6% more than in the previous quarter. This was supported by the positive dynamics of metal consumption and the completion of overhauls of equipment for the production of premium products.

As a result, sales of premium products increased by 32.8% to 1.396 million tonnes. The main contribution was made by sales of cold-rolled and coated products, which are particularly popular in the automotive and construction sectors.

The share of premium products in the sales portfolio increased to 45.8%. Coal concentrate production decreased by 15.6% to 616 thousand tonnes due to difficult mining and geological conditions.

In the first six months of 2024 compared to the same period in 2023, pig iron production increased by 1.7% to 4.998 million tonnes.

Steel production, on the other hand, decreased by 2.6% to 6.348 million tonnes, due to lower demand for steel at the beginning of the year due to repairs in the rolling mill.Sales of steel products decreased slightly to 5.781 million tonnes.

Sales of premium products decreased by 2.3% to 2.447 million tonnes, the company explained this by the impact of repairs on cold-rolled steel production and lower sales of thick plate.

Coal concentrate production decreased by 25.2% compared to the first six months of 2023 due to difficult mining and geological conditions and increased ash content of raw coal.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Vietnam’s steel and coal imports surge in October

Thursday, November 14, 2024

India breaks record in finished steel imports, shows signs of recovery in steel exports

Thursday, November 14, 2024

SSAB's green steel to be used in shipbuilding at Norway Salthammer

Thursday, November 14, 2024

Bilateral trade between Egypt and Saudi Arabia surges to $7.5 Billion

Thursday, November 14, 2024

Surge in rebar demand strains Saudi Arabia’s steel supply chain

Thursday, November 14, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now