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MMK’s net profits drop by 51% y-o-y in Q1

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Russia's Magnitogorsk Iron and Steel Works (MMK) reported that the company’s net profits amounted about RUB 4.517 billion in the Q1, dropped by 51% from a year earlier.

It’s analyzed that the company’s sharply dip of the Q1 net profits was caused by its recapitalization for the investment in local and international market.

In addition, MMK’s production of crude steel totaled 3.09 million tons in the Q1, up by 13% year on year; that of pig iron was 2.47 million tons, increased by 11%; that of steel long products was 335 thousand tons, soared sharply by 59% year on year; that of galvanized steel was 141 thousand tons, rose by 17% year on year and that of steel pipe was 18 thousand tons, hiked by 27% year on year.
News Date 06 May 2011 11:25:59 reported by Jacky Huang

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