The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the third quarter of 2009 under Russian Accounting Standards (RAS).
Accordingly, in Q3 2009 MMK's revenue increased by 48 percent quarter on quarter amounting to Ruble 41.5 billion (approx. $1.42 billion), while its operating income went up by 94 percent quarter on quarter to Ruble 9.2 billion (approx. $315.4 million), mainly due to the 36 percent increase in the company's steel product output, and due to the 10 percent growth in the average price for its steel products.
Meanwhile, MMK's net income in Q3 decreased by about 18.2 percent quarter on quarter to Ruble 7.2 billion (approx. $246.8 million).
MMK's share of domestic and CIS sales in Q3 stood at 54 percent and provided for 60 percent of total revenue from its steel product sales.
As SteelOrbis previously reported, in Q3 2009 MMK increased its crude steel output by 31 percent to 2.8 million mt, and its finished steel products output by 36 percent to 2.6 million mt, both compared to Q2 2009, and raised its high value-added (HVA) product output by 29 percent quarter on quarter to 735,000 mt, thus reaching the pre-crisis output level. The share of HVA products equaled 28 percent of total steel product output in Q3 2009, and accounted for 37 percent of MMK's total revenue from its steel products sales.
$1= Ruble 29.17