Magnitogorsk Iron & Steel Works to produce 14.1 million tons of steel a year

19 February 2008 (09:31)

Magnitogorsk Iron & Steel Works (MMK) raised its metal goods output to 12.2 million tons in 2007, the company’s BOD Chairman Viktor Rashnikov announced at a trade union meeting. The meeting took place in MMK’s Central Lab assembly hall, the main point on the agenda being Mr. Rashnikov’s report on the company’s production and investment activity in 2007 and the plans for the year 2008.

Last year, the company produced 6.5% more steel and 7.6% more metal goods than in 2006. The 12.2 million tons of metal products were the company’s best-ever result. In addition, MMK sold 7.3 million tons of goods, or 60% of the total output volume, on the domestic market, which is 1.26 million tons, of 21%, better than a year earlier.

MMK spent 22.4 billion RUR on production upgrading in 2007, while the company’s daughter enterprises increased their outputs and implemented some investment programs as well. Besides, MMK entered the international stock markets.

According to MMK’s BOD Chairman, this year the enterprise is expected to produce 14.1 million tons of steel (including 10.3 million tons of pneumatic steel and 3.25 million tons of arc-furnace steel) and 13 million tons of goods as well as to invest 51 billion RUR (VAT included) in construction and upgrading of machinery. This is twice the sum spent in 2007 and more than the total amount of investments in 1996-2005. The upgrading projects include hot- and cold-rolling mills and other pieces of equipment, MMK’s press officer says.

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