Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for 2023.
In 2023, MMK’s net profit increased by 68.2 percent year on year to RUB 118.36 billion ($1.29 billion). The company’s revenue rose by 9.1 percent year on year to RUB 763.39 billion ($8.37 billion), reflecting an increase in sales volume. MMK’s EBITDA amounted to RUB 195.60 billion ($2.14 billion), up 26.2 percent compared to the previous year, owing to an improvement in sales and an increase in sales of premium products, while its EBITDA margin rose to 25.6 percent, from 22.2 percent in 2022.
The company forecasts higher investment activity this year in accordance with the group’s development strategy until 2025. In addition, MMK plans to start the construction of a steam power plant this year, which will increase its own energy generation.