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.