Russia's MMK cuts steel output 4.4% QoQ in Q4, sales decline 4.7%

MOSCOW. Jan 23 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) cut steel production 4.4% quarter-on-quarter to 2.369 million tonnes in Q4 2024, MMK said.

Sales of the group's commercial metal products declined 4.7% quarter-on-quarter to 2.13 million tonnes in the period.

MMK also cut steel output 13.8% year-on-year to 11.195 million tonnes in 2024, and sales dropped 9.8% to 10.622 million tonnes.

MMK forecasts that seasonal factors and the Central Bank's high key rate will likely continue to affect business activity adversely in Russia at the beginning of 2025. Meantime, MMK will continue the major overhaul of the No. 7 blast furnace in the first quarter of 2025.