MMK is in talks with the Indian side to supply sheet metal or localize its production in the South Asian republic, said Egor Kovalchuk, vice-governor of Chelyabinsk region. "They have a product that is widely used in Russia - it is sheet metal for the automotive industry. In India, automobile production is developed, Magnitogorsk residents see prospects for...

Eurasian Resources Group completely stopped supplying raw materials to Magnitogorsk Iron and Steel Works due to the fact that the latter is on the SDN List of the US Ministry of Finance. ERG had been supplying concentrate and pellets to the metallurgical company's plant in Russia for the past 30 years.

U.S. Treasury Department put Victor Rashnikov, the chairman of MMK's board of directors, as well as the company itself and its subsidiaries, including the plant in Turkey, on the SDN list. Office of Foreign Assets Control gave a deadline of September 1 to wind up all transactions with MMK, and to withdraw from the securities by October 3.

MMK sales of finished steel products for six months of 2022 decreased by 15.7% to 5.246 mln tonnes. Share of high value-added products increased by 4.5 p.p. to 45.4%. Production of steel and pig iron decreased by 9.5% and 17.3% to 6.063 mln tonnes and 4.318 mln tonnes respectively. Coal concentrate production increased by 4.5% to 1.765 million tons, while ir...