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MMK

January 17, 2008

Magnitogorsk Iron & Steel Works (MMK) announces its production results for the 4th quarter and 12 months of 2007

Magnitogorsk Iron & Steel Works (MMK) announces its production results for the 4th quarter and 12 months of 2007

    1.   Production

    Major products output

 

4Q2007

3Q2007

Change

Y2007

Y2006

Change

'000 tons

'000 tons

%

'000 tons

'000 tons

%

Cast iron

2 285

2 546

-10,3%

9 482

9 733

-2,6%

Crude steel

3 327

3 458

-3,8%

13 261

12 455

6,5%

Finished products output

3 106

3 146

-1,3%

12 203

11 346

7,6%

 

 

4Q2007

3Q2007

+/-

Y2007

Y2006

+/-

'000 tons

'000 tons

'000 tons

'000 tons

'000 tons

'000 tons

Finished products output, including:

3 106

3 146

-39

12 203

11 346

857

Slabs and billets

388

321

67

976

332

644

Long products

404

449

-45

1 788

1 706

81

Flat hot-rolled products

1 548

1 584

-37

6 391

6 095

296

Flat cold-rolled products

409

396

12

1 563

1 634

-71

Downstream products

 

 

 

 

 

0

Tin plate

52

72

-20

249

287

-38

Galvanized steel

109

110

-1

426

441

-14

Galvanized colour- coated steel

42

46

-5

179

166

13

Band

83

85

-2

336

338

-2

Formed section

54

63

-10

219

198

21

Pipes

18

19

-1

74

81

-7

MKZ band

-

-

-

0

67

-67

 

Steel products output of MMK grew by 7.6% in 2007 compared to 2006 and amounted to 12.2 mln tons. It is the record level of production in MMK history.

The slight decrease of cast iron output is due to repairs and upgrading of blast furnaces. The crude steel production increased by 6.5% year-on-year because of increasing production at the electric arch furnaces. The faster growth of steel making capacity compared to MMK's present rolling capacity led to growth in commercial slabs and billets production. Extension of long products and colour-coated steel output is also due to reaching full capacities of the production facilities. The demand factor influenced the production volumes of tin plate and formed sections.

The cast iron output came slightly down in Q4 2007 because of reconstruction works at blast furnace ¹9 which has the highest production capacity. Insignificant production decrease of hot-rolled steel and formed sections is also called forth by planned repairs of the facilities; reduced long-products and colour-coated steel output is accounted for by seasonally weakening demand for these product types.

 

    2.      Average prices

 

The prices are indicative and do not consider either steel grade and quality characteristics or sales markets. Average prices calculation is based on division of revenue by volume.

 

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4Q2007

3Q2007

Change

Y2007

Y2006

Change

USD/ton

USD/ton

%

USD/ton

USD/ton

%

Slabs and billets

441

431

2,3%

419

353

18,7%

Long products

603

620

-2,7%

587

428

37,1%

Flat hot-rolled products

570

561

1,7%

550

455

21,0%

Flat cold-rolled products

612

603

1,3%

598

500

19,7%

Downstream products

 

 

 

 

 

 

Tin plate

857

857

0,0%

848

844

0,5%

Galvanized steel

896

937

-4,4%

926

853

8,5%

Galvanized colour- coated steel

1 194

1 280

-6,7%

1 225

1 018

20,4%

Band

683

660

3,4%

664

582

13,9%

Formed section

813

791

2,9%

769

634

21,3%

Pipes

695

747

-7,0%

731

600

21,8%

MKZ band

-

-

-

510

498

2,5%

 

Prices continued to be in the growth phase in 2007. The average prices growth for MMK in 2007 compared to 2006 is first of all related to the shift in the geographical sales of its products towards the domestic market. The latter is traditionally characterized by higher price levels. The share of MMK domestic sales amounted to 60% in 2007 while the absolute production figure grew by 857 thousand tons.

Seasonal weakening of construction influenced the demand for construction products (long products, galvanized steel, colour-coated steel and pipes) which led to slight decrease in prices for these product types in Q4 compared to Q3.

 

 

 

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