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MMK announces first quarter results for 2024

PJSC Magnitogorsk Iron and Steel Works announced the operating results for the first quarter of 2024.

MMK announces first quarter results for 2024

According to the company's press service, the main indicators were compared with the fourth quarter of 2023, steel production in the first quarter of 2024 decreased by 4.7% to 2,970 thousand tonnes due to seasonal factors. Pig iron production also decreased by 3.0% to 2,345 thousand tonnes due to the ongoing maintenance of the blast furnace. Sales of the Group's steel products decreased by 5.5% to 2,731 thousand tonnes, reflecting the impact of the blast furnace and rolling mill repair programme. Sales of premium products decreased by 12.0% to 1,051 thousand tonnes, mainly due to lower production of cold rolled and coated products during the repair programme. The share of premium products in the sales portfolio decreased to 38.5%. Coal concentrate production decreased by 9.9% to 730 thousand tonnes due to the increase in the ash content of coal raw material.

Comparing the figures with the first quarter of 2023, pig iron production remained at the same level as last year, while steel production decreased by 2.9%. Sales of steel products across the Group decreased by 1.1% to 2,731 thousand tonnes. Sales of premium products decreased by 10.4% due to the impact of repairs on the production of cold rolled and coated products, as well as lower sales of thick plate from rolling mill 5000. Coal concentrate production fell by 14.9 %.


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