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Russia's MMK Q2 crude steel output down 4 pct q/q
July 25, 2012 / 7:16 AM / 5 years ago

Russia's MMK Q2 crude steel output down 4 pct q/q

MOSCOW, July 25 (Reuters) - Magnitogorsk Iron & Steel Works , Russia’s third-largest steelmaker, reported on Wednesday a 4 percent quarter-on-quarter fall in total crude steel output in the second quarter of 2012 to 3.29 million tonnes.

The company, controlled by billionaire Viktor Rashnikov, said its finished steel products output in the second quarter amounted to 2.78 million tonnes, nearly flat versus the previous quarter.

The average price for steel products sold in the second quarter decreased by 1 percent, quarter-on-quarter, to stand at $696 per tonne.

“It is expected that in the third quarter 2012 the volume of sold finished products will remain at approximately the same level as in the second quarter 2012,” Magnitogorsk (MMK) said.

Steel consumption growth in Russia and abroad as well as production volume growth at MMK assets in Turkey are expected to allow for higher sales volumes of steel products for 2012 compared to 2011, the company said.

The company said earlier its finished steel output could increase by 15 percent in 2012.

MMK’s shares fell 0.04 percent in Moscow by 0705 GMT, outperforming MICEX’s metals and mining index which was down 0.29 percent. (Reporting by Alexei Anishchuk and Polina Devitt; Writing by Polina Devitt; Editing by Maria Kiselyova)

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