By end 2010, Magnitogorsk Iron and Steel Works, OJSC (MMK) will have produced over 2.2 million tons of finished ore.
2010 output exceeds last year’s results by 35%. In the recent years, MMK’s ore dressing plant was producing an average of 1.5 mtpy of finished ore. In eleven months of 2010 the plant’s output totaled 2.031 tons (37.7% on the same period of 2009). By the company’s estimates, in 2010 production will grow to over 2.2 mln tons. MMK management is planning to boost production in 2012 up to 3 mln tons. Such a considerable increase will result from the technical retooling of the MMK ore dressing facility.
Growing output of finished ore is strengthening MMK’s raw material base and positively reflects on the company’s financials. Given the steep rise of prices on raw materials across the steel industry, MMK will achieve a significant economic effect by replacing purchased ore by its own products.