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Russia’s Magnitogorsk Iron and Steel Works (MMK) plans to increase its steel production by 6% in 2014, CEO Pavel Shilyayev said on Friday at an annual general meeting of the company’s shareholders.

MMK plans to boost cast iron output by 7% this year due to the completion of blast furnace repairs, Shilyayev said. The output of finished steel products will rise by 8% in the period, excluding production of MMK-Metiz and MMK’s affiliates in Turkey, he said.

MMK also plans to increase its share of the domestic market to 87.0% from 84.3%, Shilyayev said.

• [Editor:Phillip.Feng]