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MMK Announces 4th Quarter and FY 2008 Operational Results
02/16/2009 - Magnitogorsk Iron and Steel Works OJSC reports the production of 1,648 thousand tonnes of crude steel and 1,542 thousand tonnes of finished steel products in the fourth quarter of 2008.
Magnitogorsk Iron and Steel Works OJSC (MMK) reported the production of 1,648 thousand tonnes of crude steel and 1,542 thousand tonnes of finished steel products in the fourth quarter of 2008.
The fourth quarter totals, which represent a 50.0% decrease in crude steel production and a 47.5% decrease in finished steel products production vs. the year-earlier fourth quarter, reflect the significant negative impact of global economic conditions on the demand for steel products.
The falling demand—a sharp contrast to the increasing demand experienced during the first nine months of the year—led the company to cut steel output and optimize product mix. With the impact of the fourth quarter curtailments, the company’s FY 2008 production stood at 11,957 thousand tonnes of crude steel and 10,911 thousand tonnes of finished steel products, representing year-on-year decreases of 9.8% for crude steel production and 10.6% for finished steel products production.
Through the year, the company continued to implement its cost saving and product mix expansion projects. The company also commissioned its Heating Furnace №4 (at rolling shop №10) and Hot Dip Galvanizing Line №2 in 2008. Major upgrades included installation of a bell-less top charging system for Blast Furnace №10 and repair of BOF Converter №3, including replacement of the body.
The Magnitogorsk Iron and Steel Works OJSC (MMK) is among the world’s largest steel producers and is one of the leaders of Russia’s steel industry. The company comprises a large steel-producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of value added goods. In 2007 the company produced 13.3 million tonnes of crude steel, and 12.2 million tonnes of commercial products. US GAAP sales stood at USD 8.2 billion, with net income at USD 1.8 billion.
