The net profit of the Russian Magnitogorsk Iron and Steel Works (
MMK) for the January-September 2006 period rose 11.44 percent year on year to Ruble 26.681 billion ($992.22 million ) under the Russian Accounting Standards (RAS).
The largest rise in the net profit was observed during the third quarter, where the company's net profit jumped 71 percent year on year to Ruble 11.156 billion ($414.89 million).
The rise in
MMK's net profit was determined by the increase in steel products prices and
production growth.