MMK Stock (MAGN): Reported Results, Dividends and Board Talking Points

Reference page. All figures are dated and attributed. Not investment advice. Last updated: 16 July 2026.

At a glance

MMK (Magnitogorsk Iron & Steel Works, Moscow Exchange ticker MAGN, steel sector) is one of Russia's largest steel producers, with its historic site in Magnitogorsk and a predominant orientation toward the domestic market. Compared with several rivals, MMK is less self-sufficient in raw materials, so iron-ore and coal prices weigh visibly on its production costs. The ordinary shares trade on the Moscow Exchange; the foreign GDR programmes have been terminated. In 2025 the issuer faced shrinking domestic steel demand and falling output — the key context for its results and its dividend decision.

This page is a neutral, dated survey of publicly known facts and a synthesis of the themes market participants discuss. It contains no price forecasts and no trading recommendations.

Profile and listing status

• Venue: Moscow Exchange, ticker MAGN (per Moscow Exchange data, as of this page's update date).
• Foreign programmes: the overseas GDR programmes have been terminated.
• Market-wide context: on 12 June 2024 OFAC designated the Moscow Exchange itself, after which the exchange halted trading in US dollars and euros. This is a market-infrastructure fact common to all issuers.

Reported financials and output (dated)

Per data for 2025:

• Net result — a loss of roughly 14.9 billion rubles.
• Revenue — roughly 609.9 billion rubles.
• EBITDA — roughly 80.8 billion rubles.
• Output: against weak demand, steel production declined; a reduction of about 9.2% versus 2024 was reported, with second-quarter 2025 output down about 18% (to roughly 5.2 million tonnes). Russian steel consumption fell more than 14% over the year.

The dynamics reflect, above all, weak domestic demand, a strong ruble and high rates (source: MMK reporting and production disclosures for 2025; industry data). For an issuer aimed chiefly at the Russian market, cooling construction and industrial demand translates directly into capacity utilisation and sales volumes, while export channels remain constrained under external restrictions. The high key rate simultaneously dampens demand for steel products (through the cost of project financing) and makes working capital more expensive.

The figures cited relate to their reporting period and do not describe the present moment; check them against the company's official disclosures as of publication date.

Dividends

The board of directors recommended paying no dividends for 2025 against the loss and weak market conditions. Steelmakers' dividend policies in 2024–2025 generally turned more conservative. Decisions for each period are taken by the board and the general shareholder meeting; check the current parameters against the company's official disclosures as of the decision date.

Sanctions context (neutral, dated)

• European Union: import restrictions on Russian steel products were introduced in packages starting in 2022.
• Principal owner: majority owner V. Rashnikov was added to the sanctions lists of several jurisdictions (EU, UK, Switzerland, Canada, Australia) in 2022.

The items above are dated business facts; confirm the current state of restrictions against official primary sources as of today's date.

What retail boards discuss

A synthesis of recurring themes (neutral, without endorsement or advice):

• The cancelled 2025 dividend and the conditions for a possible return to payouts.
• Shrinking domestic demand for steel and output down on the prior year.
• The domestic-market orientation as a factor of heightened sensitivity to Russian demand.
• Raw-material prices (iron ore, coal) as cost drivers given the relatively low self-sufficiency.
• The ruble and costs as margin drivers.

This is a description of discussion themes, not a statement of fact and not a forecast. Retail-board opinions are unverified and are listed here only as a map of the conversation.

How to read issuer forecasts

Estimates for this issuer are especially sensitive to the domestic steel-demand assumption, because the company is oriented mainly toward the Russian market. Different analysts embed different demand scenarios and reach different conclusions. Any estimate is a dated hypothesis, not a fact. It is sounder to compare several sources, note the date of each estimate and rely on official reporting than to anchor on a single target figure. This page deliberately publishes no price targets.

Related Russian issuers

• NLMK — a comparable steel-sector issuer.
• Severstal — another large steel producer on the Moscow Exchange.

Disclaimer

This material is a purely informational reference. All figures are dated, attributed to their source type and may become outdated. It is not an individual investment recommendation, an offer or a solicitation to buy or sell any security; it guarantees no outcome and contains no price forecasts. Securities can fall as well as rise in value; past performance does not determine future results. Do your own research before making decisions and consult a licensed financial adviser where appropriate. Verify the currency of all facts against primary sources as of today's date.