Magnitogorsk Iron and Still Works Pposted a 1 Billion U.S. Dollars Net Income for 2008

30.04.2009 — News

THE CHELYABINSK OBLAST.

Magnitogorsk Metal Works OAO posted 10.55 billion U.S. Dollars in revenues for 2008, a 29% increase y.o.y., while net income decreased by 17% to 1.081 billion U.S. Dollars.

As the company's representatives informed RusBusinessNews, steel production in 2008 stood at 11.957 million tons (9.8% less than in 2007); finished metal products output, at 10.911 million tons (10.6% less than in 2007).

In January-March 2009, MMK produced 2.1 million tons of steel and 1.9 million tons of finished metal products, which is 25% more than in Q4 2008. Average monthly output of finished metal products this year is expected at 600 - 700 thousand tons. MMK will continue the prioritization of the Russian market, which currently takes up 58% of its total production volume.