Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced its financial results for the second quarter and the first half of the current year according to international financial reporting standards (IFRS).
In the second quarter, MMK registered a profit of $159 million, compared to a loss of $79 million in the previous quarter. In the second quarter this year, MMK's sales revenues increased by 17.7 percent quarter on quarter to $2.211 billion due to steel price growth in the domestic market and growth in sales volumes.
During the first six months, MMK saw a profit of $80 million, compared to net loss of $136 million in the corresponding period of 2013. The company's sales revenues decreased by eight percent year on year to $4.09 billion.
For the third quarter, MMK expects its financial results to be affected by a marginal reduction of output volumes at the main production site and by a decrease in global iron ore indices.