MMK Metalurji, Turkey-based subsidiary of Magnitogorsk Iron and Steel Works’s (MMK), sold 167,000mt of finished steel products in the first quarter (Q1), down by 4.9pc from the prior year quarter.
In the first quarter, sales dropped due to the early termination of the European Union’s imports quotas for polymer-coated metal originating from Turkey. The spread of COVID-19 also suppressed steel demand during the quarter, according to the company release.
MMK Metalurji’s flat hot-rolled products sales dipped 20.9pc to 4,000mt in Q1 from 5,000mt a year ago. Total High Value Added (HVA) products sales declined by 3pc to 163,000mt from a year ago. Galvanised steel sales rose by 2.4pc to 132,000mt in Q1, whereas polymer-coated steel sales declined by 20.8 pct to 31,000mt from a year ago quarter.