Magnitogorsk Iron & Steel Works to increase supply of rolled products from Mill 5000 to ship and bridge builders

“Magnitogorsk Iron & Steel Works, JSC, explores possibilities to increase supply of Mill 5000 rolled products not only to pipe manufacturers, but also for the needs of shipbuilding, bridge building companies as well as manufacturers of boilers”, said Dmitry Usanov, Director of Strategic Development, “Magnitogorsk Iron & Steel Works”, JSC.

According to Mr. Usanov, monthly capacity of this market in Russia exceeds 100k tons, and Magnitogorsk Iron & Steel Works could take its share in this market.
Mr. Usanov also noted that in the third quarter the group expected to increase production and sales of steel products by 10% q-o-q, and also to increase production of the coal company “Belon”.

The share of products deliveries of Magnitogorsk Iron & Steel Works in the domestic market in the third quarter could grow by 10%, and exports shares are going to remain at second-quarter level, the top manager observed.

He added that, in current situation when free-float of Magnitogorsk Iron & Steel Works was less than 13%, the company didn’t plan to buy-back.

In the second quarter of 2011, the company reduced steel production, in comparison with the first quarter, by 10% to 2.792 million tons, and metal products by 7% to 2.527 million tons.

Magnitogorsk Iron & Steel Works, JSC, is one of the world’s largest steel producers and a leading enterprise in the Russian ferrous industry. In 2010, the plant produced 11.4 million tons of steel and 10.2 million tons of finished metal products. Victor Rashnikov, Chairman of Board of Directors acts the main beneficiary of Magnitogorsk Iron & Steel Works .