Russia`s Magnitogorsk Iron and Steel Works increased crude steel output 6.5 percent to 13.26 million tonnes in 2007 and said on Thursday it sold more products in its home market, where prices were higher.
Magnitogorsk, or MMK, said in a statement output of finished steel products increased 7.6 percent last year to a record 12.20 million tonnes.
The average price of its hot-rolled flat products rose 21 percent year-on-year to $550 per tonne in 2007.
"The average price growth for MMK in 2007 compared to 2006 is first of all related to the shift in the geographical sales of its products towards the domestic market," the company said.
Domestic sales accounted for about 60 percent of all sales.
MMK said crude steel output in the fourth quarter of 2007 alone fell 3.8 percent year-on-year to 3.33 million tonnes. Finished product output in the fourth quarter fell 1.3 percent to 3.11 million tonnes, compared with the same period of 2006.
sections: Economics |