Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that in the second quarter of the current year its net profit decreased by 48 percent year on year to Ruble 2.453 billion ($87.08 million).
In Q2, MMK Group's crude steel production fell by 10 percent compared to Q1 2011, declining to 2.792 million mt. However, in January-June of the current year the steelmaker's crude steel output increased by three percent compared to the same period last year, rising to 5.884 million mt.
In January-June this year, MMK's cast iron production increased by five percent compared to H1 2010 to 4.780 million mt, its finished steel product output surged by three percent year on year to 5.234 million mt, including 648,000 mt of long steel, 2.818 million mt of hot rolled flat steel products, and 1.713 million mt of high value-added steel products.