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MMK Q1 Output Up 10%

Magnitogorsk Iron & Steel Works, known as MMK, on Thursday reported a 10 percent increase in total crude steel output in the first quarter of 2012 to 3.42 million tons, quarter on quarter.

Against the first quarter of 2011, crude steel output rose 11 percent, MMK said.

The company said it expects to increase sales of finished steel products in the second quarter. Its production of coking coal concentrate in the first quarter came to 776,000 tons, down 12 percent quarter on quarter, while consumption of its own iron ore fell 9 percent to 1.05 million tons. MMK's 2012 finished steel output could increase 15 percent from last year, the company said earlier.

(Reuters)

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