The Russian steelmaker Magnitogorsk Iron and Steel Works (
MMK) has posted strong financial results for 2006 under the Russian Accounting Standards.
In particular, the company's net profit in the given period surged 24.5 percent to Ruble 37.114 billion ($1.42 billion).
MMK revenues increased by 9.6 percent year on year to Ruble 161.433 million ($6.17 billion) in 2006. Meanwhile the company's gross profit went up by 18.26 percent to Ruble 49.071 billion ($2.24 billion) and sale profit rose by 18.9 percent to Ruble 58.688 ($1.92 billion) during the period in question.