Russia's Metalloinvest Q1 iron ore production down 3.5 pct y/y
MOSCOW, April 30
MOSCOW, April 30 (Reuters) - Russia's largest iron ore miner Metalloinvest, controlled by the country's richest man Ailsher Usmanov, reported on Tuesday that its first-quarter iron ore production was down 3.5 percent in annual terms to 9.55 million tonnes.
Production of iron pellets also fell, by 2.7 percent to 5.64 million tonnes, and crude steel was down, by nearly 10 percent to 1.27 million tonnes.
Shipments of iron decreased year-on-year by 8.2 percent to 2.68 million tonnes. Exports of all products declined broadly, including smaller volumes being shipped to China and Europe. Exports to Asia, excluding China, however, nearly trebled.
Shipments to the domestic market also increased, to 4.06 million tonnes from 3.57 million tonnes in the first three months of 2011.
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