MMK announced Q1 net income results
Russia's Magnitogorsk Iron & Steel Works (
MMK) posted a net income of Rubles 4.73 billion (approx. $152.6 million) for the first quarter of 2003 when compared to Rubles 244 million loss for the same period of a year ago.
Added to that,
MMK has produced 2.71 million tons of steel and 2.41 million tons of rolled metal in the first quarter of 2003.
Furthermore,
MMK has expansion plans including increasing the metal products
production capacity by 4% to 10 million tons in the end of 2003.