Russian steel giant Magnitogorsk Iron and Steel Works (MMK) has announced that its Turkey-based subsidiary MMK Metalurji's finished steel output decreased by 16 percent year on year to 149,000 mt in the first quarter this year. In the given quarter, the company's finished steel sales decreased by 14.9 percent compared to the previous quarter, due to a temporary decline in steel product purchases by traders who were waiting for the end of local elections in Turkey, as well as significant fluctuations in the strength of the local currency.
In the first quarter, the hot rolled flat product output of MMK Metalurji totaled 12,000 mt, declining by 25 percent, while its galvanized steel production amounted to 92,000 mt, up 21 percent, both compared to the same quarter of the previous year. The steelmaker's color coated steel production in the first quarter decreased by 48 percent year on year to 45,000 mt.
According to MMK Metalurji, political stabilization and the beginning of the construction season are likely to support a recovery in sales volumes, which are expected to reach planned levels by the end of the year.
