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PJSC Magnitogorsk Iron and Steel Works: MMK Metalurji resumes operation of its hot rolling complex in Turkey

·4-min read

PJSC Magnitogorsk Iron and Steel Works (MMK)
12-Jul-2021 / 11:57 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

MMK Metalurji resumes operation of its hot rolling complex in Turkey


12 july 2021

Magnitogorsk, Russia



PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that MMK Metalurji, an asset of MMK in Turkey, has started hot tests at its electric arc furnace facility with a casting and rolling module.

Annual production of hot-rolled coils at MMK's Turkish production site amounts to about two million tonnes.

MMK has begun the first phase of hot testing of technological equipment at its electric arc furnace facility in Turkey, which was halted in 2012 due to unfavourable economic conditions in the Turkish market. Upon completion of tests, the complex, intended for the production of hot-rolled coils, will resume its work in full.

"The decision to suspend hot-rolled production at MMK Metalurji's site in Iskenderun was based on economic efficiency considerations. At that time, the situation in the Turkish market was characterised by high prices for raw materials and energy resources and low prices for steel products. The current situation allows us to resume operations at the electric arc furnace facility, which is a very important component of our Turkish asset," said Viktor Rashnikov, Chairman of the MMK Board of Directors.

"We invested about $40 million to restart this production facility. After restarting the hot section and reaching its full capacity, we plan to produce about two million tonnes of hot-rolled coils per year, which will allow our Turkish asset to gain a significant increase in EBITDA," commented Pavel Shilyaev, CEO of MMK.

The phased launch of the electric arc furnace facility with a casting and rolling module at MMK Metalurji's industrial site in Iskenderun implies a gradual increase in production. In total, it is planned that the site will produce 200-260 thousand tonnes of hot-rolled steel in 2021, with the unit reaching full capacity in 2022.

MMK Metalurji (an asset of the MMK Group), a modern steelmaking complex in Turkey, operates an electric arc furnace facility with a casting and rolling module, a cold-rolling mill, galvanizing and color coating lines, as well as two service centres in Iskenderun and Istanbul. The Iskenderun production site also features a sea port that can accommodate ships of up to 100,000 deadweight tonnage (dwt) and is used to supply raw and input materials to the plant as well as ship products to customers.


About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude steel and sold 10.8 mln tonnes of commercial steel products.

ММK is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD 6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.06х at the end of 2020. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's and S&P.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 18.7%.

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