MMK increased steel production by 11.4% in January-September 2023 – Kommersant
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Magnitogorsk Iron and Steel Works (MMK) (MOEX: MAGN) in January-September 2023 increased steel production to 9.9 million tons, which is 11.4% more than the same period of the previous year. This is stated in a new report published on website companies.
Steel production at MMK’s Russian enterprises in the first nine months of 2023 reached 9.6 million tons (+19.5%). Production volume at the company’s Turkish plant decreased from 0.8 million tons in January-September 2022 to 0.2 million tons in 2023 (-68.3%).
Pig iron production increased to 7.5 million tons (+13.2%) compared to the same period last year. Total sales of metal products reached 8.89 million tons (+10.9%).
In the third quarter of 2023, compared to the same period last year, pig iron production increased to 2.6 million tons (+1.7%). Steel production amounted to 3.3 million tons (-3%), coal concentrate – 0.87 million tons (-7.7%).
The World Steel Association (WSA) has improved its forecast for metal consumption in Russia. The association expects demand for it to grow to 43.8 million tons (+5%) by the end of 2023. Next year, the WSA predicts stagnation in steel consumption.
More details in the text “Kommersant” “Steel does not bend under the forecast”.
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