Russia's metals giant MMK posts 21% revenue growth in Q108
The Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said on Tuesday its revenue calculated to Russian Accounting Standards grew 21% year-on-year in the first quarter to 52.3 billion rubles ($2.2 bln).
MMK, the largest enterprise in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, said net income (net of financial investment revaluation) climbed 2% in the reporting period to 8.5 billion rubles ($355 million).
Crude steel production grew 14% year-on-year in the first three months of 20
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08 to 3.6 million metric tons, and commercial steel products output increased 12% to 3.3 million metric tons, MMK said.
"In the first quarter of 2008 we have shown strong positive financial and operational results. These achievements were a result of the company's focus on high value added products, our strong position in the growing domestic market, and continuing significant investments in advanced technology and equipment," Victor Rashnikov, chairman of MMK's board of directors said.
MMK is a major fully integrated steel-making complex performing the complete production cycle from preparation of iron ore materials to high added value processing of steel.
