Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji's finished steel sales increased by 8.1 percent quarter on quarter to 231,000 mt in the first quarter of the current year. This growth was mainly due to higher galvanized steel sales, which under current market conditions generated higher margins.
In the given quarter, the hot rolled flat product sales of MMK Metalurji totaled 27,000 mt, falling by 27.5 percent, while its galvanized steel sales amounted to 204,000 mt, up 15.6 percent, both compared to the previous quarter.
MMK stated that uncertainty over the consideration of measures restricting steel imports into the EU and declared US import tariffs for a number of countries, and the commissioning of new coated metal facilities in Turkey, currently point to potential growth of competition in the Turkish domestic market.