PJSC Magnitogorsk Iron & Steel Works reports production results for the fourth quarter and full year 2022. For the quarter, Steel output grew by 1.2% q-o-q to 2,828 thousand tonnes reflecting higher pig iron output amid suspension of steel production facilities at the Turkish division in November 2022 driven by global market headwinds and increased costs of electricity and natural gas in Turkey. Coal concentrate production remained almost flat q-o-q at 870,000 tonnes.

For the full year, Pig iron output decreased by 12.9% year-on-year (y-o-y) to 9,078,000 tonnes due to lengthy overhauls at blast furnace facilities and deteriorating global market conditions. Production of coal concentrate increased by 1.9% y-o-y to 3,512,000 tonnes, driven by MMK's stronger demand for third-party supplies of coking coal grades.