10 Jul 2009 16:11

Steelmaker MMK

MOSCOW. July 10 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) produced 710,000 tonnes of commercial product in June 2009, a company representative told Interfax.

Production in June was 18.3% higher than May's total of about 600,000 tonnes.

Production in the first half of the year was about 3.8 million tonnes, 40% less than in the same period last year.

MMK planned to produce 600,000-700,000 tonnes of commercial product a month in 2009.

MMK's board chairman and chief owner, Viktor Rashnikov, said in mid-May the company would produce 9 million-10 million tonnes of product this year.

In 2008, MMK produced 10.91 million tonnes of commercial production, a decrease of 10.6% from 2007. Steel production amounted to 11.957 million tonnes, 9.8% less than in 2007.

Rashnikov controls 86.6% of shares.