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
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
Investor Relations Department
Andrey Serov, Head of IR
Tel.: +7 (3519) 24-52-97
This information is provided by RNS
The company news service from the London Stock Exchange
MSCZQLFFLFFBFBB -0- Nov/16/2012 14:01 GMT
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