MMK’s Belon posts net profit of Ruble 1.7 billion in H1

Thursday, 12 August 2010 13:40:01 (GMT+3)   |  
       

The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that in the first half of the current year its coal mining subsidiary Belon registered Ruble 8.8 billion ($289 million) in sales revenues, while its net profit amounted to Ruble 1.7 billion ($55.8 million).

Accordingly, Belon's H1 investments exceeded Ruble 2 billion ($65.7 million), and were mainly directed towards the acquisition of mining equipment and the modernization of its production, as well as towards the acquisition of licenses to develop the Nikitinsky coal field in Russia's Kuzbass region.

As SteelOrbis previously reported, in H1 of the current year Belon increased its coal output by 32 percent or by 996,000 mt year on year to 4.1 million mt, including 2.3 million mt of coking coal - up from 1.8 million mt produced in the same period last year.


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