This measure will allow the company to increase economic efficiency of the plant and help achieve positive profitability of MMK’s Turkish project.

MMK Metalurji (an asset of Magnitogorsk Iron and Steel Works in Turkey) announced that its EAF and hot rolling facilities in Iskenderun were put on halt for a period of up to 90 days. In the meantime, the plant’s cold rolling mill, galvanizing and color coating lines remain operational at the current high capacity levels.

The decision to put the EAF and hot-rolling line on halt was made with due consideration of the production efficiency in the current economic situation in Turkey characterized by high raw material (metal scrap) costs and growing energy prices while HRC prices are down.

Under the given circumstances the above measure will allow the company to increase economic efficiency of the Turkish plant and help achieve positive profitability of the project.