MMK's operating results remain stable

Magnitogorsk Iron and Steel Works (MMK) released a report on crude steel production for the 3rd quarter and the first 9 months of 2016. MMK's production in the third quarter was 3.18 million tonnes, not significantly changing compared to the second quarter. Shipments of products amounted to 2.86 million tons, down 4.7% from the previous quarter. In Q3, steelmaking capacity utilization was 88% due to repairs at the main site.

In January-September of this year, MMK produced 9.38 million tons of steel, which indicates an increase of 0.5% on an annualized basis. The shipment of commercial products amounted to 8.5 million tons of steel and remained stable from year to year. The steelmaking capacity utilization at the main site in Magnitogorsk was 89%.