Russian steelmakerMMKGroup has released its operational results for the second quarter and the first half this year.
Accordingly, in the second quarter this year, the company’scrude steeloutput totaled 2.89 million mt, decreasing by 7.9 percent quarter on quarter, due to market headwinds, while itspig ironproductiondecreased by 8.1 percent compared to the previous quarter totaling 2.06 million mt, amid blast furnace overhauls and lower demand forpig iron. In the given quarter,MMK’s finished steel sales totaled 2.36 million mt, down 18.1 percent compared to the previous quarter, driven by the demand contraction for metal products inRussia, existing limitations, and unfavorable export market conditions.
In the first half, the company’scrude steeloutput totaled 6.06 million mt, decreasing by 9.5 percent year on year, due to lower demand amid market headwinds.MMK’spig ironproductionin the given period decreased by 17.3 percent year on year to 4.32 million mt. In the given half, the company’s finished steel sales totaled 5.24 million mt, down by 15.7 percent year on year, reflecting lengthy equipment overhauls, existing restrictions on export markets, the significant slowdown in business activity inRussiaand the challenging global market environment.