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MMK Announces Q2 & H1 of 2020 Trading Update

Steel News - Published on Wed, 15 Jul 2020

Image Source: MMK Steel
Russian steelmaker MMK announced trading Update for Q2 and H1 of 2020. • Pig iron output decreased by 11.3% QoQ to 2,089 thousand tonnes, driven by a slowdown in steel demand and a major overhaul of Blast Furnace No 2, which was completed in June. The overhaul will improve MMK's environmental performance thanks to a series of dust exhausting unit projects at cast and stock houses. Steel output was down 22% QoQ at 2,358 thousand tonnes due to the scheduled reconstruction of Hot-Rolling Mill 2500 and a drop in demand for metal products from key consuming industries amid the spread of the coronavirus pandemic. MMK Group's total sales of finished products amounted to 2,223 thousand tonnes, down 19.0% QoQ. MMK Group's sales of HVA products totalled 1,151 thousand tonnes, down 12.0% QoQ. The share of HVA products in total sales amounted to 51.8%. The decline in HVA product sales in Q2 was driven by the slowdown in Russian and global business activity. MMK Coal's coal concentrate production totalled 687 thousand tonnes, down 15.6% QoQ, due to weaker demand for concentrate at MMK, in turn driven by lower steel output.

Pig iron output in H1 of 2020 decreased by 8.3% YoY to 4,444 thousand tonnes amid the coronavirus pandemic and a longer period of scheduled maintenance at blast furnace facilities as compared to the previous year. Steel output in Hl 2020 was down 13.2% YoY to 5,381 thousand tonnes, due to a lower consumption of steel during scheduled reconstruction of Hot-Rolling Mill 2500, as well as weaker demand. MMK Group's total sales of finished products fell by 11.9% YoY to 4,968 thousand tones. HVA product sales dropped by 11.0% YoY to 2,459 thousand tonnes. The share of HVA products in total sales increased to 49.5%.

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Posted By : Yogender Pancholi on Wed, 15 Jul 2020
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