Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for 2014 according to International Financial Reporting Standards (IFRS).
In 2014, MMK saw a net loss of $44 million compared to a net loss of $2.429 billion in the previous year. Last year, MMK's revenues declined by 2.9 percent year on year to $7.952 billion.
MMK Group's EBITDA for 2014 was $1.607 billion, up 31.4 percent year on year.
MMK Group's net debt as of December 31, 2014 decreased by $988 million compared to the end of 2013 to $2.038 million.
MMK Group's free cash flow in 2014 amounted to $759 million, up almost 2.5 times year on year.