The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has issued its financial results for the first quarter of 2007 under the Russian Accounting Standards (RAS).
Accordingly, during the period in question MMK's revenues increased by 28 percent while its net profit increased by 56.3 percent, to Ruble 43.2 million (approx. $1.7 million) and to Ruble 10.3 million (approx. $400,000) respectively.