In Magnitogorsk Iron & Steel Works (MMK), the Chelyabinsk region of Russia
Photo: Dmitry Lebedev
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MMK Surged Net Profit 30.31 Percent
Magnitogorsk Iron & Steel Works (MMK) surged the 9-month net profit by 30.31 percent to $1.393 billion under the U.S. GAAP, according to the accounting report of the company.
MMK’s net profit grew 52 percent to 40.583 billion rubles under Russian Accounting Standards. The sales revenues amounted to 142.956 billion rubles (+23 percent); sales profit was 40.368 billion rubles (+11 percent); pretax profit – 50.114 billion rubles (+41 percent).
MMK covers roughly 20 percent of Russia’s market of ferrous metal. In 2006, it produced 12.5 million tons of steel (up 9.4 percent on year) and 11.4 million tons of commercial metal product (up 11.2 percent).
H1’07 consolidated net profit of the company grew 1.4 fold to $866 million under the U.S. GAAP. The revenues stepped up 43.88 percent on year to $4 billion; operating profit grew 56.09 percent to $1.077 million; EBITDA gained 53.50 percent to $1.205 million.
The Q2 net profit of MMK stood at $516 million; the revenues reached $2.155 billion.
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