Magnitogorsk Iron and Steel Works (
MMK) of
Russia has released its financial results for the first half of 2006 today.
According to the release,
MMK's net income fell 10.8 percent year on year to Ruble 15.525 billion ($576.96 million) under the Russian accounting standards (RAS) in the first half-year of 2006.
The enterprise's net profit rose 35.3 percent to Ruble 8.927 billion ($331.76 million) in the second quarter of 2006 compared to the first quarter of the same year. The raise of the net profit in the second quarter of 2006 directly resulted from the rise in the prices of steel products.