Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa


Magnitogorsk Iron & Steel Steams Ahead
December 3, 2012 00:47

 According to its Q3 IFRS financial report, OJSC Magnitogorsk Iron and Steel Works increased its steel production 5 percent year-on-year in the 3Q to 3.36 million metric tons.

The company also grew its 3Q steel product output by 3 percent quarter-on-quarter to 2.858 million metric tons. More than 78 percent of its supplies went to the highly diversified domestic market, which saw a 3 percent hike in volume.

Overall, the company’s steel output grew 2 percent quarter-on-quarter.

According to the statement, MMK expects that seasonal slowdown in business activity on the domestic market will bring down volumes of finished steel products in Q4 2012.

And with world steel prices close to their record lows, MMK does not expect a recovery in prices sooner than early 2013 with the beginning of the construction season and inventory restocking.

However, the company’s outlook remains optimistic due to improve d product mix, a strong position on the domestic market and the continued decline in prices for key raw materials.

You can download the full report here.

According to Vedomosti daily, Magnitogorsk Iron and Steel Works is aiming for higher profitability as it cuts its capex and looks at more ways to drive down costs.

The board of directors is going to meet in December to discuss the corporate strategic blueprint until 2022, with the costs reduction being the key goal in mind.

Experts admit the company has enough potential to reach its objectives, mainly due to:

·        MMK doesn't have a long list of acquisitions or aggressive expansion plans.

·        MMK is not a vertically integrated company, and with sinking prices for ore, the absence of mining assets can prove to be an advantage.

Even today it spends some $400 to produce a tonne of steel, sharing second place with NLMK and trailing behind leader Severstal, with $345.

More video can be found here.

http://eng.mmk.ru/about/video/




Author: Mikhail Vesely

Tags: Magnitogorsk Iron and Steel Works Magnitogorsk Severstal Russian business Russian metal 

Next Previous

You might also find interesting:

Karelia Attracts More Tourists Maximum Tax Increase is Planned for Small Business in Russia Four Possible Reasons for the Environmental Disaster in Norilsk Who Is Going To Buy Vedomosti Newspaper? Central Bank's Monetary Policy Report









Comment on our site


RSS   twitter      submit



TAGS:
Museums of Artists  Gely Korzhev  Natalia Osipova  LGBT in Russia  TechCrunch  Russian history  Russia's Central Bank  Leningrad Center  FIFA World Cup   Sochi Olympic Games 2014  Beze Bazar  travel to Russia  ecology  humanitarian aid  Moscow  Russian science  Pottery  Chukotka  Russian Cinema  human rights  Tatarstan  Chelyabinsk Region  Moscow hotels  Ecotourism  Lipetsk Region  Moscow planetarium  Exhibitions in Moscow  Soviet Thaw  Chelyabinsk meteorite  St. Petersburg  Nevsky Prospect  Sergey Kastorsky  Skolkovo Jazz Science Festival  Astrakhan Region  Russian economy  Russian tourism  Mikhail Bulgakov  Pushkin Museum of Fine Art  Krasnodar Territory  Arzamas  Russian business  Mercedes-Benz Fashion Week Russia  Tower House  Russian scientists  Russian Nature  Prusovskoe Lake  ENEA  Rolling Stone  Russian North  Dmitry Mendeleev 


Travel Blogs
Top Traveling Sites