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MMK Group announces operating results for 2Q 2023

PJSC Magnitogorsk Iron and Steel Works, announces operating results for 2Q 2023.

MMK Group announces operating results for 2Q 2023

Sales of the Group's steel products amounted to 3,065 thousand tonnes, up 11.0% qoq on the back of favorable domestic market conditions and growth in sales of the Turkish asset due to partial recovery of demand in the market of Turkey after the February earthquake. Sales of premium products increased by 13.5% to 1,332 thousand tons due to a seasonal increase in demand for cold-rolled and galvanized and color-coated steel from the metalworking and construction sectors. The share of such products in the sales portfolio increased to 43.4%.

Steel output grew by 13.0% q-o-q to 3,457 thousand tonnes reflecting steady demand on the Russian and neighbouring countries’ markets as well as the partial recovery in business activity in Turkey in Q2 2023.

Pig iron output increased by 9.6% quarter-on-quarter (q-o-q) to 2,569 thousand tonnes due to the completion of overhauls of blast furnace facilities.

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