Magnitogorsk Iron & Steel Works H1 net $1.031 billion, up 19 percent

Tag : iron


MOSCOW (Thomson Financial) - Magnitogorsk Iron & Steel Works (MMK)said first half U.S. GAAP net profit reached $1.031 billion, up 19percent from $866 million thanks to increased volume production andhigher steel prices.
Sales in the period totaled $5.653 billion, up 41 percent from$4.000 billion.
'Increased volumes, ongoing operational improvements and ourcommitment to low cost production have combined with anincreasingly strong pricing environment to deliver sustainable topand bottom growth, company chairman Victor Rashnikov said in astatement.
'As we look forward, strong demand for our high quality productsand the continued development of our self-sufficiency in rawmaterials present us with significant opportunities to createshareholder value.'
alfred.kueppers@thomsonreuters.com
amk/lam
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