MMK issues 2006 US GAAP results

The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) has issued its US GAAP (Generally Accepted Accounting Principles) results for 2006. Accordingly, during the period in question, MMK registered a 19.4 percent increase in its sales revenue to $6.424 billion, a 33.4 percent increase in its operational profit to $1.765 billion, and a 50.6 percent increase in its net profit to $1.426 billion. Meanwhile, the company's primary costs increased only by 10.5 percent year on year in 2006. MMK's year on year EBITDA rose by 32.7 percent to $2.005 billion in 2006.