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Russia's MMK Plans CAPEX of About $1 Bln In 2021 - Ifax
MMK Q3 Net Profit Up At $102 Mln Vs $58 Mln In Q2
Russia's MMK Q3 Crude Steel Output At 2.9 Mln T, Up 22% Q/Q
Magnitogorskiy Metallurgicheskiy Kombinat PAO, formerly Magnitogorskiy metallurgicheskiy kombinat OAO, is a Russia-based company, active in the steel industry. Its main products are sinter, coke, iron, crude steel, rolled products and ore materials. The Company offers a wide range of products such as wire rod, rebars, square bars, strips, round bars, among others. It is also involved in the coal ore mining, processing of ore materials, sale of ferrous metal products and others. Magnitogorskiy metallurgicheskiy kombinat OAO operates as a supplier for such industries as: pipelines, vehicles, railway, construction and shipbuilding, among others. Its subsidiaries include Lys'venskaya Metallurgicheskaya Kompaniya OOO, among others. The Company operates domestically, as well as exports its products to the Commonwealth of Independent States (CIS) countries, Asia, the Middle East and Europe.
Misc. Fabricated Products
ul. Kirova, 93
Viktor Filippovich Rashnikov
Chairman of the Board
Pavel Vladimirovich Shilyaev
Chief Executive Officer, Chairman of the Management Board, Director
Mariya Viktorovna Nikulina
Member of the Management Board, Head of the Department of Financial Resources
Vadim Nikolaevich Feoktistov
Member of the Management Board, Chief IT Specialist
Sergey Viktorovich Shepilov
Member of the Management Board, Chief Legal Officer
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Total Debt To Equity (MRQ)
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Russian lawmakers on Tuesday supported a plan to increase taxes for some mining and oil companies, as Moscow seeks to plug the gaps left by lower oil prices and the COVID-19 pandemic, while facing industry opposition and criticism of its changing rules.
Three of Russian metals and mining companies said on Wednesday they were tightening belts with tools varying from reduced investment to delayed dividends or postponed asset purchases as the new coronavirus outbreak is adding to risks.
* SAYS IN Q2 2020, THE GROUP SEES RISKS OF DECLINING SALES VOLUMES AMID WEAKER BUSINESS ACTIVITY
* SAYS THAT AT THE MOMENT, THERE IS NO CRITICAL IMPACT ON SALES IN THE COMPANY'S MAIN MARKETS AMID THE SPREAD OF THE CORONAVIRUS
Weak demand abroad and lower domestic consumption will put pressure on Russian steelmaker MMK's financial results this quarter, it said on Thursday, after reporting a 22% year-on-year fall in third-quarter core earnings.
Russian steelmaker MMK's fourth quarter core earnings fell 9.3 percent year-on-year although it said earnings for 2018 as a whole were up 19 percent to a record $2.4 billion.
* Says 2018 capex to exceed originally planned $800 mln (Adds details about Turkey project, context)
Kremlin aide Andrei Belousov said on Friday he would like major Russian firms to invest in social projects rather than pay higher taxes, weeks after he proposed raising 500 billion rubles ($7.5 billion) a year from metal and mining firms.
The heads of Russia's top metal and chemical producers arrived at the Moscow headquarters of a business lobbying group on Friday for talks with the government on a possible windfall tax on their firms.
Russian government ministries have agreed a proposed windfall tax on metals, mining and chemical companies is "inappropriate" for now, Industry Minister Denis Manturov said on Wednesday.
The Russian rouble sank to its lowest level since early June 2016 on Friday, battered by concerns over the impact of new U.S. sanctions, falling oil prices and a broadly stronger dollar.
* Kremlin economic aide Andrei Belousov, whose proposal to raise 500 billion roubles ($7.5 billion) a year from metal and mining firms is to be considered by Russian President Vladimir Putin, said the companies "need to share", according to Vedomosti newspaper.
Russian Finance Minister Anton Siluanov said on Friday the government would draw up a report on the revenue of commodities firms after the Kremlin approved discussion of a proposal to raise additional revenue from metals and mining companies.
Vladimir Putin has ordered that a proposal to raise 500 billion roubles ($7.5 billion) a year from metal and mining firms be looked at, but the Russian president has not decided whether to approve the plan by a Kremlin economic aide.
Russian President Vladimir Putin agrees that a proposal to prop up the budget by raising more revenue from metals and mining companies should be discussed, but has not made any decision, Kremlin spokesman Dmitry Peskov said on Friday.
Hitting Russian mining and metals companies with extra taxes because they are making profits will only encourage them to be less efficient, according to billionaire Vladimir Lisin, who controls top steel producer NLMK .
Russia is considering propping up the state budget by raising more revenue from metal and mining companies that are earning windfall profits, according to proposals seen by Reuters.
MMK, one of Russia's largest steel producers, has postponed the launch of a lucrative project in Turkey due to uncertainty created by global trade wars, Andrey Eremin, the company's director for economics, told Reuters in an interview.
Russian steel producers played down the impact of the European Union's curbs on steel imports on Wednesday, which, according to analysts, may even allow some of them to increase supplies to the bloc compared with a year ago.
* Russia's Severstal, MMK to wind down sales as well - sources
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