MMK issues 2008 financial results under RAS

Thursday, 26 March 2009 12:02:05 (GMT+3)   |  
       

The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has issued its financial results for 2008 under the Russian Accounting Standards (RAS).
 
Accordingly, in 2008 MMK saw record levels for its revenue - up 19 percent to Ruble 226 billion (approx. $6.75 billion), and also for its sales income - up six percent to Ruble 54 billion (approx. $1.61 billion), both compared to the company's 2007 RAS results.

MMK's net income in 2008 stood at Ruble 10 billion (approx. $299 million). However, the reduction in the company's net income towards the end of 2008 was driven by non-cash revaluation of investments in securities of Russian and foreign entities, caused by negative trends in the global financial markets, and by the price markdown for raw material stock generated in 2008.

"MMK benefited from favorable market conditions during the first nine months of 2008 owing to its diversified production portfolio structure and flexible sales policy. This also allowed the company to react promptly to the changing market conditions at the end of the year," states MMK's press release.

In 2008, MMK produced 12 million mt of crude steel, while its commercial steel output amounted to 11 million mt.


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