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MMK posts net profit down, better than forecast
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Russian third largest steelmaker, Magnitogorsk Iron & Steel Works (MMK) reported its Q1 net profit of US$14 million, falling substantially from US$134 million in the same period of one year ago, but better than earlier analysts' forecasts.
It was estimated that the company’s first quarter result would be a net loss of US$1 million on lower steel prices and foreign exchange losses.
The Q1 revenue was US$2.43 billion, higher than US$2.22 billion one year ago.
The company expects that the sliding price correction in the market would go through to the middle of the third quarter; however, it also expects that steel finished products output will increase on rising demand for steel in Russia and more new products to be introduced.
News Date
6/15/2012 3:40:02 PM
reported by
Judy Lin
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