Magnitogorsk Iron & Steel Works (MMK) published its financial results and operating data (based on the Russian accounting standards) in the first quarter of 2008.

The company’s revenues went up by 21% compared to a year earlier and reached 52.3 billion RUR, while the trading profit remained at 11.6 billion RUR (only a slight decrease from 11.7 billion RUR in January-March 2007). MMK’s net profit (excluding the reassessment of financial investment) grew by 2% and came to 8.5 billion RUR.

The enterprise raised its steel output by 14% in January-March 2008 against the first quarter of 2007; this reached 3.6 million tons, while the metal goods output rose by 12% and came to 3.3 million tons.

‘We did quite well in terms of both finances and production in the first quarter of the year due to focusing on high-value-added products, building up our share of the domestic market, and investing in advanced technologies and modern machinery. In addition, we did our best to provide for our raw resources ourselves through cooperating with Belon Coal Company and developing our Prioskolskoye deposit. Given the current steel prices and the prospective demand for our produce, we feel optimistic about the year 2008,’ says MMK BOD Chairman Viktor Rashnikov.