29 Apr 2014 10:42

MMK ups Q1 steel output 9.4% to 3.2 mln tonnes

MOSCOW. April 29 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) boosted crude steel output 9.4% quarter-on-quarter in Q1 2014 to 3.188 million tonnes, the company said in a statement.

Steel production was 4% higher than in Q1 2013.

Finished steel product shipments in Q1 2014, excluding intra-group sales, totaled 2.919 million tonnes, up 7.2% q-o-q and 2.6% y-o-y.

High value-added (HVA) steel products output in Q1 2014 decreased by 2.8% q-o-q to 1.281 million tonnes. The share of HVA products in total output volume was 44%.

Seasonal recovery in demand in Russia will support Q2 2014 steel production and sales, which are expected to be higher than in Q1, MMK said.