MMK’s profit will decrease in 2004
According to recent market reports, Russian steel producer OAO Magnitogorsk Metallurgical Kombinat (
MMK) announced that company's profit will decrease in 2004 due to high raw material costs and the appreciation of Ruble.
MMK reported its profit as Ruble 15.5 billion ($526 million) for the first nine months of 2003. However, company expects to obtain only Ruble 8 billion ($271 million) profit for 2004.