Russian steel mill Magnitogorsk Iron and Steel Works (MMK) has issued its consolidated financial results for the first nine moths of 2008 under the International Financial Reporting Standards (IFRS).
Accordingly, in the first nine months of 2008, MMK registered a 49 percent increase in its revenue to $9.18 billion, a 42 percent rise in its net income to $1.48 billion, a 41 percent increase in its EBITDA to $2.67 billion - all compared to the results for the same period of last year.
Commenting on the company's strong financial results for the first nine months of 2008, MMK's CEO Victor Rashnikov stated, "Record steel prices and the generally favourable market environment of the first nine months of 2008 provided support for our margins in this period and it leads us to expect good full year results. I am confident that the business is well positioned to emerge as the market leader once the market recovers."
Given the recent weakening of the steel market, MMK adjusted its production levels for Q4 2008 in order to support prices and meet decreased demand. The company management views recent production cuts at MMK as a sensible and prudent response to the current conditions.