Public Joint Stock Company Magnitogorsk Iron & Steel Works reported consolidated operating results for the second quarter and first half of 2022. For the quarter, Pig iron output decreased by 8.1% quarter-on-quarter to 2,065,000 tonnes amid blast furnace overhauls and lower demand for pig iron due to weak demand for metal products. Steel output declined by 7.9% quarter-on-quarter to 2,892,000 tonnes due to market headwinds. Coal concentrate production totalled 923,000 tonnes, up 9.5% quarter on quarter, due to the increased processing of own coals.

For the first half of 2022, Pig iron output decreased by 17.3% year-on-year to 4,318,000 tonnes due to lengthy overhauls at blast furnace operations and an unfavorable market environment. Steel output contracted by 9.5% year-on-year to 6,063,000 tonnes due to lower demand amid headwinds in the current market for metal products. Production of coal concentrate increased by 4.5% year-on-year to 1,765,000 tonnes, driven by MMK's stronger demand for third-party supplies of coking coal grades.