Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”)
(MOEX: MAGN) announces its Trading Update for Q1 2023.
INDICATORS FOR Q1 2023 VS Q4 2022
iron output decreased by 3.4% quarter-on-quarter (q-o-q) to 2,345
thousand tonnes due to overhauls of blast furnace facilities.
output grew by 8.1% q-o-q to 3,058 thousand tonnes reflecting higher
demand on the Russian and neighbouring countries’ markets in Q1
sales of metal products totalled 2,760 thousand tonnes, an increase
of 2.8% q-o-q amid favourable market conditions on the Russian and
neighbouring countries’ markets, while sales of the Turkish
division decreased significantly due to constraints caused by the
February 2023 earthquake. Sales of premium products totalled 1,173
thousand tonne, flat q-o-q. The share of premium products in the
sales portfolio was 42.5%.
concentrate production declined by 1.4% q-o-q to 857 thousand tonnes
reflecting higher share of difficult coal in the charge.
INDICATORS FOR Q1 2023 VS Q1 2022
iron output grew by 4.4% year-on-year (y-o-y). At the same time, Q1
2023 included the overhaul of a blast furnace with a lower capacity
compared to Q1 2022.
output fell by 3.5% y-o-y due to suspension of steel production
facilities at the Turkish division in November 2022, while steel
output at the Magnitogorsk facilities increased by 7.2% to 3,057
sales of metal products were down by 4.3% y-o-y following the
shutdown of hot-rolled coils production at the Turkish division and
export restrictions. Sales of premium products declined by 13.1%
driven by a decrease in sales of galvanized and polymer-coated steel
in Turkey, change in the order mix of Mill 5000 toward more complex
products and a reduction in sales of cold-rolled products amid lower
demand from automotive industry.
of coal concentrate increased by 1.8% y-o-y.
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