OJSC Magnitogorsk (MMK) - MMK Metalurji HRC line on halt for up to 90 days RNS Number : 3541R OJSC Magnitogorsk Iron &Steel Works 16 November 2012 NEWS RELEASE November 16, 2012, Iskenderun, Turkey MMK Metalurji puts EAF and hot rolling facilities on halt for a period of up to 90 days This measure will allow the company to increase economic efficiency of the plant and help achieve positive profitability of MMK's Turkish project. MMK Metalurji (an asset of Magnitogorsk Iron and Steel Works in Turkey) announced that its EAF and hot rolling facilities in Iskenderun were put on halt for a period of up to 90 days. In the meantime, the plant's cold rolling mill, galvanizing and color coating lines remain operational at the current high capacity levels. The decision to put the EAF and hot-rolling line on halt was taken with due consideration of the production efficiency in the current economic situation in Turkey characterized by high raw material (metal scrap) costs and growing energy prices while HRC prices are down. Under the given circumstances the above measure will allow the company to increase economic efficiency of the Turkish plant and help achieve positive profitability of the project. MMK Communications Department Polina Rudyaeva Kirill Golubkov Tel.: +7 916 810 8918 Tel.: +7 916 675 3081 email@example.com firstname.lastname@example.org Investor Relations Department Andrey Serov, Head of IR Tel.: +7 (3519) 24-52-97 E-mail: email@example.com This information is provided by RNS The company news service from the London Stock Exchange END MSCZQLFFLFFBFBB -0- Nov/16/2012 14:01 GMT
OJSC Magnitogorsk MMK MMK Metalurji HRC line on halt for up to 90 days
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