Why is metallurgy falling? Not only because of the closure of foreign markets, but also because of falling demand from the engineering and construction industries.

Why is mechanical engineering falling? Because companies buy less machines and equipment, I invest less in development and modernization.

Why are companies investing less in development and modernization? Because with such PREP and Cough, cough Due to the external and internal political situation, the most reasonable thing to do is to put money on deposit.

Here is a fact for you as a simple illustration. MMK's corporate reporting, article "Placement of short-term bank deposits": 9 months of 2024 - 4.1 billion rubles, 9 months of 2025 - already 131.8 billion rubles (!).

Why does MMK keep 131 yards on deposit in the bank?

Yes, because this is the most reasonable decision from the point of view of business /financial strategy