PJSC Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”) (MOEX: MAGN) announces its Trading Update for Q1 2023.

KEY INDICATORS FOR Q1 2023 VS Q4 2022

• Pig iron output decreased by 3.4% quarter-on-quarter (q-o-q) to 2,345 thousand tonnes due to overhauls of blast furnace facilities.

• Steel output grew by 8.1% q-o-q to 3,058 thousand tonnes reflecting higher demand on the Russian and neighbouring countries’ markets in Q1 2023.

• Group sales of metal products totalled 2,760 thousand tonnes, an increase of 2.8% q-o-q amid favourable market conditions on the Russian and neighbouring countries’ markets, while sales of the Turkish division decreased significantly due to constraints caused by the February 2023 earthquake. Sales of premium products totalled 1,173 thousand tonne, flat q-o-q. The share of premium products in the sales portfolio was 42.5%.

• Coal concentrate production declined by 1.4% q-o-q to 857 thousand tonnes reflecting higher share of difficult coal in the charge.

KEY INDICATORS FOR Q1 2023 VS Q1 2022

• Pig iron output grew by 4.4% year-on-year (y-o-y). At the same time, Q1 2023 included the overhaul of a blast furnace with a lower capacity compared to Q1 2022.

• Steel output fell by 3.5% y-o-y due to suspension of steel production facilities at the Turkish division in November 2022, while steel output at the Magnitogorsk facilities increased by 7.2% to 3,057 thousand tonnes.

• Group sales of metal products were down by 4.3% y-o-y following the shutdown of hot-rolled coils production at the Turkish division and export restrictions. Sales of premium products declined by 13.1% driven by a decrease in sales of galvanized and polymer-coated steel in Turkey, change in the order mix of Mill 5000 toward more complex products and a reduction in sales of cold-rolled products amid lower demand from automotive industry.

• Production of coal concentrate increased by 1.8% y-o-y.
  
  

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