Russian steelmaker MMK Group has released its operational results for the third quarter and the first nine months this year.
In the given quarter, the company’s crude steel output totaled 2.48 million mt, decreasing by 26.6 percent quarter on quarter, due to the repairs at its blast furnace and a decrease in local sales as a result of rising interest rates, while its pig iron production dropped by 10.9 percent quarter on quarter to 2.36 million mt, mainly due to the start of major repairs at its blast furnaces. In addition, MMK’s sales of steel products in the third quarter came to 2.48 million mt, down by 18.7 percent from the previous quarter, due to the impact of the repair program and a slowdown in business activity amid rising borrowing costs.
In the first nine months, the company’s crude steel output amounted to 8.83 million mt, dropping by 10.6 percent year on year, reflecting a decrease in steel demand and in business activity, while its pig iron production went down by 2.2 percent year on year to 7.36 million mt, due to the major repairs at its blast furnaces. Additionally, MMK’s sales of steel products in the January-September period totaled 8.26 million mt, falling by 7.1 percent from the same period of 2023, due to the major repairs at its rolling equipment at the beginning of the year and a slowdown in business activity.