Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the second quarter and the first half of the current year according to International Financial Reporting Standards (IFRS).
In the second quarter, MMK registered a net loss of $155 million, compared to net loss of $49 million in the same quarter of the previous year. In the second quarter this year, MMK's sales revenues decreased by 14 percent year on year to $2.16 billion due to a reduction in sales volumes at the company's Turkey-based subsidiary MMK Metalurji.
During the first six months, MMK saw a net loss of $136 million, compared to net loss of $35 million in the corresponding period of 2012. The company's sales revenues decreased by 10.1 percent year on year to $4.44 billion.
MMK stated that it plans a slight reduction in finished steel output at its Magnitogorsk plant in the third quarter of the current year, due to the start of planned repair work to blast furnace No. 6 earlier than planned.
For the third quarter, MMK expects financial results to be affected by high levels of volatility in the raw materials and steel markets.
