MMK expects weak steel prices until Q3

Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) expects steel prices to continue to struggle until the middle of the third quarter, the company said in its first-quarter financial results statement on Friday June 15.

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Average prices have risen by 6% to 7% since the start of the year, MMK said.

“At present prices are experiencing a correction, which is expected to continue into the middle of the third quarter,” the company added.

MMK said second-quarter production of finished steel products in Russia would stay at the same level as the first-quarter at 2.8 million tonnes.

MMK said it expects growth in its 2012 output, compared with 2011, to be driven by the increase in demand for steel in Russia and the introduction of new products through the launch of its cold rolling Mill 2000, as well as being boosted by its Turkish flat-rolled steel mill reaching its full capacity.

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