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MMK

February 10, 2023

MMK Group trading update for Q4 and 12M 2022

PJSC Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”) (MOEX: MAGN) announces its Trading Update for Q4 and 12M 2022.

KEY INDICATORS FOR Q4 2022 VS Q3 2022

  • Pig iron output increased by 4.0% quarter-on-quarter (q-o-q) to 2,429 thousand tonnes due to steady demand for metal products on the Russian market.

  • Steel output grew by 1.2% q-o-q to 2,828 thousand tonnes reflecting higher pig iron output amid suspension of steel production facilities at the Turkish division in November 2022 driven by global market headwinds and increased costs of electricity and natural gas in Turkey.

  • Group sales of metal products were down by 3.2% q-o-q to 2,684 thousand tonnes mainly driven by a decrease in export sales, partially offset by a clearance of inventories. Sales of premium products rose by 2.7% to 1,176 thousand tonnes, reflecting higher sales of cold-rolled products and galvanized steel on the back of partial recovery of demand from automotive industry and stable demand from construction and metal processing industries. The share of premium products in the sales portfolio was 43.8%.

  • Coal concentrate production remained almost flat q-o-q at 870 thousand tonnes.

KEY INDICATORS FOR 12M 2022 VS 12M 2021

  • Pig iron output decreased by 12.9% year-on-year (y-o-y) to 9,078 thousand tonnes due to lengthy overhauls at blast furnace facilities and deteriorating global market conditions.

  • Steel output fell by 14.0% y-o-y to 11,687 thousand tonnes driven by overhauls at blast-furnace facilities and unfavourable conditions on export markets amid the last year’s high base.

  • Group sales of metal products amounted to 10,703 thousand tonnes, down by 14.2% y-o-y, due to existing restrictions on export markets, overhauls of main equipment at the beginning of the year and a significant slowdown in business activity on international markets. Sales of premium products contracted by 9.7% to 4,704 thousand tonnes driven by a decrease in sales of galvanized steel by 25.7% y-o-y to 1,480 thousand tonnes amid challenging export market conditions and a lower demand from automotive industry. The share of premium product in sales portfolio was 44.0%.

  • Production of coal concentrate increased by 1.9% y-o-y to 3,512 thousand tonnes, driven by MMK’s stronger demand for third-party supplies of coking coal grades.

Please follow the link to view the full press-release.






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