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MMK further improves crude steel output, product shipments in Q3

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MMK further improves crude steel output, product shipments in Q3

PJSC Magnitogorsk Iron & Steel Works, produced 3.3 million tonnes of crude steel in the third quarter, a 4.4% increase compared to the second quarter due to an increase in electronic arc furnace capacity utilization amid higher demand.

Total finished steel product shipments jumped 10.2% quarter over quarter to 3.2 million tonnes due to the seasonal recovery of demand for metal in the Russian market.

The company's HVA steel products output in the three months increased 12.2% to 1.4 million tonnes on the back of higher sales of cold-rolled and downstream products. The share of HVA products in total output improved to 45.5%, compared to 44.7% of total output in the second quarter.

Coking coal mining in the quarter declined 3.7% quarter over quarter to 823,000 tonnes as the company started mining in more complex geological settings.

Coking coal concentrate output dropped 5.9% quarter over quarter to 658,000 tonne due to higher raw coal ash content at the Kastromovskaya mine.

The company's overall steelmaking capacity utilization at its main Magnitogorsk site in Russia increased to about 95% in the quarter, compared to over 90% in the prior quarter.

In the first nine months of the year, the company's total crude steel output increased 1.9% year over year to 9.6 million tonnes.

Total finished steel product shipments in the first nine months of the year improved 1.2% to 8.8 million tonnes. HVA steel product output stood at 4.0 million tonnes, after increasing 1.9% compared to the year-ago period. The nine-month production of coal concentrate, however, slipped 8% year over year to 2.0 million tonnes.

The company said it expects a slight decline in sales in the fourth quarter amid a seasonal slowdown of business in the company's key markets.