Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the third quarter of the current year according to International Financial Reporting Standards (IFRS).
In the third quarter, MMK saw a net profit of $26 million, down 83.6 percent compared to the second quarter of the year, driven primarily by a non-cash foreign exchange loss of $196 million. Excluding this one-time factor, net profit in the third quarter was $222 million.
MMK Group's revenue for the third quarter this year totalled $2.135 billion, down 3.4 percent quarter on quarter.
MMK Group's management expects a seasonal decline in sales volumes in the domestic market in the fourth quarter this year. This effect will be partially offset by lower iron ore prices and efficient cost management.