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OJSC Magnitogorsk (MMK)

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Friday 13 February, 2009

OJSC Magnitogorsk

Trading Statement

RNS Number : 2743N
OJSC Magnitogorsk Iron &Steel Works
13 February 2009
 



February 13, 2009

MMK Announces Q4 and FY 2008 Operational Results

Major Products Output 

Production

Q4 2008

Q3 2008

 

2008

2007

 

'000 tons

'000 tons

%

'000 tons

'000 tons

%

Cast iron 

1 205

2 276

-47,0%

8 541

9 482

-9,9%

Crude steel

1 648

3 293

-50,0%

11 957

13 261

-9,8%

Finished products output

1 542

2 935

-47,5%

10 911

12 203

-10,6%

 

Production

Q4 2008

Q3 2008

 

2008

2007

 

'000 tons

'000 tons

'000 tons

'000 tons

'000 tons

'000 tons

Finished products output

1 542

2 935

-1 393

10 911

12 203

-1 292

Slabs and billets

104

170

-66

952

976

-24

Long products

187

453

-266

1 577

1 788

-211

Flat hot-rolled products

837

1 573

-736

5 661

6 391

-730

Flat cold-rolled products

161

340

-179

1 362

1 563

-201

Downstream products

 

 

 

 

 

 

Tin plate

39

58

-18

216

249

-34

Galvanized steel

101

142

-41

455

426

29

Galvanized colour-coated steel

28

43

-14

157

179

-21

Band

34

82

-47

282

336

-55

Formed section

42

56

-15

187

219

-32

Pipes

8

18

-11

62

74

-13



Global economic conditions significantly impacted the demand for steel products in the year of 2008.  Increasing  demand during the first nine months of the year was followed by a sharp decrease in the fourth quarter.

As demand subsided, the company took the decision to cut steel output and optimize the product mixIn Q4 2008 MMK produced 1,648 thousand tons of crude steel and 1,542 thousand tons of finished steel products.

FY 2008 production stood at 11,957 thousand tons of crude steel and 10,911 thousand tons of finished steel products. 

The company continued implementing its cost saving and product mix expansion projects. The year of 2008 saw  commissioning of Heating Furnace (at rolling shop 10) and Hot  Di Galvanizing  Line 2 Major  upgrades  included installation of bell-less top charging system for Blast Furnace 10 and repair of Converter 3 at  BOF  including body substitution.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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