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MMK's finished steel products sales up 7.2% QOQ

PJSC Magnitogorsk Iron & Steel Works said Oct. 16 that third-quarter crude steel production rose 11.5% over the previous quarter to about 3.4 million tonnes due to higher pig iron output and MMK completing scheduled repairs to the oxygen converter.

Crude steel output in the year-ago period was 3.3 Mt, and finished product sales were 3.2 Mt.

Pig iron output at the parent company climbed 15.2% over the second quarter to 2.6 Mt after blast furnace No. 1 reached full production capacity following scheduled maintenance work at the end of the previous quarter.

Group finished-products sales went up 7.2% over the previous quarter to 3.1 Mt, with coal concentrate output up 8.3% to 808,000 tonnes and iron ore production 5.6% higher at 824,000 tonnes.

MMK's shipments to Russia and Commonwealth of Independent States markets inched up 2.7% to 2.3 Mt, while foreign shipments grew 38.0% to 667,000 tonnes.

Crude steel output in the first nine months of 2018 was 9.6 Mt, down 0.2% year on year, while finished-product sales were up 0.6%.

For the fourth quarter, MMK expects sales volumes and prices to dip due to seasonal demand decline in the domestic market and the ongoing correction in global steel prices. It plans to offset these factors through increased operational efficiency and lower cost of sales for steel output