The demand for Russian steel producer, MMK Group’s products is likely to remain stable in the first quarter of 2021, with the firm expecting its updated strategic initiatives to enhance its profitability during the quarter.
In 2020 the group’s crude steel output declined by 7.1pc to 11.5mn mt from 12.4mn mt in 2019. Crude steel output in the fourth quarter of the year, however, grew by 14.9pc to 3.3mn mt from 2.8mn mt in Q3 2020.
Its pig iron output also dipped by 6.7pc to 9.3mn mt in 2020 from 10mn mt in 2019 but grew by 6pc to 2.5mn mt in Q4 2020 from 2.3mn mt in the prior quarter.
MMK’s iron ore output in 2020 increased by 4.5pc to 2.8mn mt from 2.7mn mt in 2019 but declined by 21.3pc to 638,000mt in Q4 2020 compared to 811,000mt in the previous quarter.
The steelmaker’s finished products sales reduced by 5pc in 2020 to 10.7mn mt from 11.3mn mt in 2019. Its finished product sales in the fourth quarter of 2020 rose by 11.1pc to 3mn mt from 2.7mn mt in Q3 2020.