Russian steelmaker Magnitogorsk Iron & Steel Works (MMK) showed a 5.4% quarter-on-quarter decline in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2018 due to higher key raw material costs, the company said in its recent financial report.
In January-March, the company's Ebitda was $560 million, compared with $592 million in the fourth quarter of 2017."Ebitda per tonne declined to $186 due to higher prices for key raw materials in early 2018," the company said.Cost of sales was $1.422 billion in January-March, compared with $1.298 billion in the previous quarter.The share of company's costs taken up by coal increased to 19% in the same three months, from 15% in October-December 2017."The [cost of using] coal increased...