PJSC Magnitogorsk Iron & Steel Works ("MMK", or the "Group") (MOEX: MAGN) announces its Trading Update for Q3 and 9M 2023.


KEY INDICATORS FOR Q3 2023 VS Q2 2023


  • Pig iron output increased by 1.7% quarter-on-quarter (q-o-q) to 2,612 thousand tonnes.
  • Steel output totalled 3,457 thousand tonnes, down by 3.0% q-o-q due to lower steel demand amid short-term overhauls of rolling equipment at the Magnitogorsk production site.
  • Group sales of metal products remained high q-o-q and totalled 3,067 thousand tonnes, reflecting the continued favourable market conditions on the Russian and neighbouring countries' markets. Sales of premium products also remained high q-o-q and totalled 1,340 thousand tonnes due to strong demand for cold-rolled, galvanised and colour-coated steel amid positive demand dynamics from automotive industry and robust consumption in metal processing and construction materials industries. The share of premium products in the sales portfolio increased to 43.7%.
  • Coal concentrate production declined by 7.7% to 943 thousand tonnes, as a result of lower coal mining volumes amid challenging mining and geological conditions.

KEY INDICATORS FOR 9M 2023 VS 9M 2022


  • Pig iron output rose by 13.2% year-on-year (y-o-y) to 7,526 thousand tonnes due to lower blast furnace overhauls duration compared to the previous year.
  • Steel output increased by 11.5% y-o-y to 9,869 thousand tonnes, reflecting the continued favourable conditions on the Russian market. Steel output at the Magnitogorsk facilities grew by 19.5% y-o-y to 9,611 thousand tonnes, while steel production at the Turkish asset decreased by 68.3% y-o-y to 258 thousand tonnes as a result of ongoing challenging macroeconomic headwinds in Turkey.
  • Group sales of metal products was up by 10.9% y-o-y to 8,893 thousand tonnes, due to favourable conditions on the Russian and neighbouring countries markets amid robust construction activity and increased demand from automotive and machine-building industries. Sales of premium products increased by 9.0% y-o-y to 3,844 thousand tonnes driven by higher sales of cold-rolled, galvanized and polymer-coated steel.
  • Production of coal concentrate increased by 1.1% y-o-y to 2,671 thousand tonnes.

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OAO MMK - Magnitogorskiy Metallurgicheskiy Kombinat published this content on 18 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2023 07:03:11 UTC.