Magnitogorsk Iron and Steel Works` Finished Steel Production Decreased By 20% In 2009
•MMK retained leading positions among Russian steel producers in 2009 with the market share of 17%.
•Company’s total crude steel output in 2009 equaled to 9,618 th.tons. Finished products output amounted to 8,764 th.tons. Finished steel production in 2009 decreased by 20% y-o-y, at the same time HVA products output decreased by only 12%.
•Plate Mill 5000 production kept on increasing to amount to 130 th.tons in Q4 2009. Total thick plates production from the start-up of Plate Mill 5000 amounted to 159 th.tons. Due to start-up of new facilities MMK increased output of major downstream product types: galvanized and color-coated steel output in 2009 amounted to 490 th.tons and 207 th.tons respectively which is 8% and 32% higher y-o-y.
•BBA expects the production to continue increasing in 2010 and even after. However, the growth in 2011 and 2012 will be slow, reflecting stabilized market not the fast recovery.
You can find target price, BBA Investment Rating, our comment and more in following report:
Magnitogorsk Iron and Steel Works (MMK), MMK Analyst Update and FY 2009 Production Update 02/08/10
•MMK retained leading positions among Russian steel producers in 2009 with the market share of 17%.
•Company’s total crude steel output in 2009 equaled to 9,618 th.tons. Finished products output amounted to 8,764 th.tons. Finished steel production in 2009 decreased by 20% y-o-y, at the same time HVA products output decreased by only 12%.
•Plate Mill 5000 production kept on increasing to amount to 130 th.tons in Q4 2009. Total thick plates production from the start-up of Plate Mill 5000 amounted to 159 th.tons. Due to start-up of new facilities MMK increased output of major downstream product types: galvanized and color-coated steel output in 2009 amounted to 490 th.tons and 207 th.tons respectively which is 8% and 32% higher y-o-y.
•BBA expects the production to continue increasing in 2010 and even after. However, the growth in 2011 and 2012 will be slow, reflecting stabilized market not the fast recovery.
You can find target price, BBA Investment Rating, our comment and more in following report:
Magnitogorsk Iron and Steel Works (MMK), MMK Analyst Update and FY 2009 Production Update 02/08/10
