Published by Jaroslaw Adamowski
Investments on the rise Russia’s steel producer and metals company MMK has announced it invested some $143 million in the third quarter of 2017 to modernise and expand its capacities.
"EBITDA for Q3 2017 amounted to $533 million, up 17.1% on the previous quarter," the Russian company said in a statement. "The company expects that due to the stronger ruble exchange rate, capital expenditures for FY 2017 in dollar terms will exceed the planned volume of around $600 million."
MMK is based in Magnitorsk in the country’s south-eastern region of Chelyabinsk Oblast.
For 2016, the firm reported a production of about 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. Last year, MMK posted sales of some $5.63 billion, and an EBITDA of close to $1.96 billion, according to data from the Russian Company.