Pavel Shilyaev appointed acting CEO of Magnitogorsk Iron and Steel Works

Board of Directors of OJSC Magnitogorsk Iron and Steel Works (MMK) appointed Mr. Pavel Shilyaev acting CEO of the company today.

Boris Dubrovsky, former MMK CEO, was appointed acting Governor of the Chelyabinsk Region (Southern Urals) by the Decree of the Russian president Vladimir Putin dated January 15, 2014. 

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MMK consolidates 100% stake in MMK Atakash

MMK announced of the acquisition of a 50% minus one share stake in its 2.3 million tpa Turkish JV with the Atakash family MMK-Atakash for USD 485mn. MMK Atakash is a brand new steelmaking complex in Turkey producing hot- and cold-rolled steel, including galvanized and color-coated steel. 

It is important to note that just before acquisition of the Atakash family stake, MMK announced of commissioning of an electric arc furnace at MMK-Atakash. 

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MMK posts weak 3Q2010 IFRS numbers

On Friday MMK posted weak 3Q2010 IFRS numbers, as expected: revenue decreased 1% Q-on-Q to US$2,055 million, while EBITDA fell by 12% Q-on-Q to US$385 million. MMK's net income of US$43 million was 61% short of our forecast and 49% short of consensus, mainly due to a US$30 million forex loss.

Although the weakness was relatively insignificant, we do not expect to see a strong increase in earnings from MMK if steel prices rise in 1Q2011; we note that both Severstal and NLMK have higher leverage to growing steel prices, according to our forecasts. 

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