Magnitogorsk Advances Most in Week on Steel Output

OAO Magnitogorsk Iron & Steel advanced the most in almost a week after Russian billionaire Viktor Rashnikov’s steelmaker said crude steel production increased 9 percent in the second quarter.

The stock climbed 0.4 percent to 21.683 rubles at the close in Moscow, its biggest gain since July 13, and earlier traded for as much as 21.994 rubles.

Crude steel output rose to 2.99 million metric tons from the previous three months, while sales of finished products added 7 percent to 2.62 million tons, Magnitogorsk said in a regulatory filing today.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.