About the company MMK
Security pageMMK is Magnitogorsk Iron and Steel Works, one of the largest steel plants in the country and the main employer on which the city of Magnitogorsk depends. Unlike its competitors, the company has almost no ore base of its own and works predominantly for the domestic market. The shares trade on the Moscow Exchange under the ticker MAGN.
What the company does
The works smelts steel and produces rolled products, a significant part of which goes to Russian consumers: carmakers, pipe producers, builders and household appliance manufacturers. The focus on the domestic market makes the company less dependent on export restrictions, but more dependent on the state of Russian industry.
The main difference from its competitors is the lack of full self-sufficiency in raw materials. The company buys its ore and a significant part of its coal, so a rise in raw material prices hits its margin harder than it hits its vertically integrated neighbours. The other side of the coin: when raw materials get cheaper, the gain is larger too.
The offset is high value-added products: galvanised steel, polymer-coated rolled products and products for the automotive industry. They are less sensitive to exchange prices for steel.
Business lines
Rolled steel
Hot-rolled and cold-rolled sheet, long products for construction.
High value-added products
Galvanised rolled products, coated rolled products, products for the automotive industry.
Turkish asset
Rolling capacity abroad that serves the local market.
History
- 1932Magnitogorsk Iron and Steel Works is launched — the largest construction project of the first five-year plans.
- 1941–1945The works supplies a significant share of the country's armour steel.
- 1992Conversion into a joint-stock company.
- 2007Listing of the shares on the exchange.
- 2022Sanctions close off part of the export markets; the focus on domestic demand strengthens.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Sales are mainly inside the country — it has suffered less from the closure of export markets.
- No net debt.
- Modernised capacity and a high share of products for the automotive industry and construction.
Weaknesses
- Incomplete self-sufficiency in raw materials: a rise in ore and coal prices hits the margin directly.
- A single large production site — the risk is concentrated in one place.
- Demand is tied to construction and the automotive industry.
Opportunities
- Domestic demand from carmakers, the pipe industry and construction grows along with import substitution.
- High value-added products are less sensitive to swings in exchange prices for steel.
- Cheaper raw materials improve the margin more than they do for competitors that have their own ore.
- Modernisation of capacity reduces energy consumption and emissions.
Threats
- The lack of an ore base of its own leaves production costs vulnerable to raw material prices.
- Demand is cyclical and depends on the state of Russian industry and construction.
- Export restrictions narrow the options for selling surplus output.
- The tax burden on the industry is being revised by the state.
Frequently asked questions
What does MMK do?
The company smelts steel and produces rolled products — sheet, galvanised steel, coated rolled products and long products. The main buyers are Russian carmakers, the pipe industry, construction and household appliance manufacturers.
How does MMK differ from other steelmakers?
In two ways. First, the company is not fully self-sufficient in its own raw materials: it buys its ore, and the price of that ore has a stronger effect on its production costs. Second, its sales are oriented primarily towards the domestic market rather than towards exports.
Is it good or bad not to have your own ore?
It depends on the phase of the market. When raw materials become more expensive, such a company loses margin faster than competitors with their own mines. When they become cheaper, it gains more than they do. This is not a flaw in the model but a different risk profile.
Issuer profile
What the company does
The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7414003633. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 1 security listed: 1 share class. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Dividend history
Between 2015 and 2024 the issuer made 22 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 2.49 ₽ per security with a record date of 17 October 2024. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 609.90B ₽.
That is 20.6 % less than in 2024, when revenue was 768.50B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
2025 closed with a loss of −14.10B ₽.
Equity stands at 664.50B ₽ against total assets of 877.90B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.