Russian Metals Giant MMK Posts 23% Net Profit Drop in Q1

20.05.2008 (15:36)

The Magnitogorsk Iron and Steel Works (MMK) said on Tuesday its US GAAP net consolidated income declined 22.5% year-on-year in the first quarter to $271 million, RIA Novosti reports.

MMK, the largest enterprise in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, said its revenue in the reporting period increased 17% to $2.2 billion.

Net consolidated income climbed 24% year-on-year in 2007 to $1.7 billion.

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.