Russia: MMK reports 7% y-o-y decline in crude steel output in CY’20

Russia’s leading steelmaker MMK Group has recorded crude steel production at 11.5 mn t in CY’20, down 7.1% y-o-y against 12.46 mn t in CY’19. The decrease in output was due to the scheduled reconstruction of Hot-Rolling Mill 2500 and the slowdown in business activity due to the pandemic. MMK Group’s total sales of finished products fell by 5% y-o-y to 10.7 mn t in CY’20.