Published by : Jarosław Adamowski
Investments to increase Russian steel producer and metals company Magnitogorsk Iron and Steel Works (MMK) managed to boost its revenues for the first quarter of 2017 to about $1.66 billion, up 58.1% compared with the same period a year earlier. MMK is planning to invest some $590 million in 2017.
"Revenue increased in Q1 2017 due to the fact that the average dollar price was 14.5% higher than the previous quarter. The increase in steel prices took place against the backdrop of higher average prices for raw materials and the stronger rouble," MMK said in a statement.
Last year, the Russian company produced some 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK is based in Magnitogorsk, in the country’s south-eastern region of Chelyabinsk Oblast,