The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that in the second quarter of the current year under International Financial Reporting Standards (IFRS) its coal mining subsidiary Belon registered a 47 percent increase quarter on quarter in its profit to $22 million, while its EBITDA equaled $70 million, bringing the margin up to 50 percent.
"The acquisition of the coal company Belon not only guarantees increasing deliveries of high quality coal concentrate to MMK, but also contributes significantly to MMK group financials," reads MMK's statement.
Q2 2010 |
Q1 2010 |
Change |
|
Concentrate production (mt): |
1,608,000 |
1,470,000 |
+9% |
coking coal concentrate (mt) |
747,000 |
846,000 |
-12% |
steam coal concentrate (mt) |
861,000 |
706,000 |
+22% |
Sales of coal segment ($,million) |
140 |
150 |
-7% |
EBITDA of coal segment ($,million) |
70 |
57 |
+23% |
EBITDA margin |
50% |
38% |
|
Profit for the period of coal segment ($,million) |
22 |
15 |
+47% |