MMK Group Reports $244.3M Net Loss in H1 2026 Amid Revenue Decline

MOSCOW, July 23. /TASS/. MMK Group's net loss under the International Financial Reporting Standards (IFRS) totaled 19.1 bln rubles ($244.3 mln) in January-June 2026, compared with a net profit of 5.6 bln rubles ($71.6 mln) a year earlier, according to the company's financial statements.

The group's revenue for the reporting period declined by 10% to 282.3 bln rubles ($3.61 bln) due to lower selling prices. EBITDA fell by 40.9% year-on-year to 24.7 bln rubles ($315.9 mln) as a result of lower revenue.

Free cash flow for the first six months of 2026 totaled 2.6 bln rubles ($33.3 mln), exceeding the level recorded in the same period last year, primarily due to lower capital expenditures.

MMK's revenue in the Q2 of 2026 increased by 18.8% compared with the Q1 of 2026, reaching 153.3 bln rubles ($1.96 bln), driven by higher sales volumes amid a seasonal recovery in demand. EBITDA doubled to 16.09 bln rubles ($205.8 mln). The net loss for the Q2 totaled 17.7 bln rubles ($226.4 mln) compared with the Q1 of 2026. Capital expenditures in the Q2 of 2026 amounted to 15.4 bln rubles ($197.0 mln), down 2.5% from the previous quarter. Compared with the first half of 2025, MMK's capital expenditures in the first half of 2026 declined by 30.2% to 31.2 bln rubles ($399.1 mln).

MMK is one of the world's largest steel producers and holds a leading position among Russia's ferrous metallurgy companies, manufacturing a broad range of steel products with a predominant share of high-value-added products for all major metal-consuming sectors of Russian industry.