OJSC Magnitogorsk MMK MMK Metalurji HRC line on halt for up to 90 days

  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
rudyaeva.pi@mmk.ru    kgolubkov@mmk.ru

 

Investor Relations Department

Andrey Serov, Head of IR
Tel.: +7 (3519) 24-52-97
E-mail: serov.ae@mmk.ru 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCZQLFFLFFBFBB -0- Nov/16/2012 14:01 GMT