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Russia MMK posts net loss of US$ 67 million for last Q4
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Magnitogorsk Iron and Steel Works (MMK), one of the largest iron and steel producers in Russia stated on April 18th that the company’s IFRS net loss in last Q4 totaled US$ 67 million, up from a net loss of US$205 million net loss in the previous quarter.
However, MMK’s revenue from sales of high value added products, which account for 36% of the company's total output, was US$2.081 billion in 2011, a 30% increase year-on-year.
For the prospect, MMK expected an increase in demand for steel from Russia in 2012 and its new products will help the company raise output of finished steel products in 2012.
News Date
4/24/2012 9:01:39 AM
reported by
Frio Chou
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