Russia-based leading global iron ore and HBI producer
Metalloinvest has announced its financial results for the first half of 2011, posting a year-on-year increase of 89 percent in its net income.
Metalloinvest increased its net income for the first half of the current year to $985 million from $520 million in the first half of the previous year. In the given period, the company's operating profit reached $1.48 million, up 56 percent, while revenue went up to $5.13 million increasing by 54 percent, both compared to the first half of the previous year.
According to
Metalloinvest's statement, first half results were strong due to a significant increase in iron ore production volumes and growing export of products to developing Asian markets, mainly China.
Metalloinvest also maintains its policy of gradual debt reduction and extension of debt maturity.