MOSCOW, September 3 (RIA Novosti) - The Magnitogorsk Iron & Steel Works [RTS: MAGN, LSE: MMK] said Monday its US GAAP consolidated net income increased 47.3%, year-on-year, in January-June 2007, to $866 million.
Russia's largest ferrous industry company said its revenues grew 43.9% in the reporting period to $4 billion, its income from operating activities climbed 56.1% to $1.1 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) was up 53.5% to $1.2 billion.
MMK, which produced 12.5 million metric tons of steel and 11.3 million metric tons of commercial metal products in 2006, attributed its revenue growth to higher steel prices and larger steel shipments to the domestic market and the market of former Soviet republics.
MMK, which is among the world's top 20 steel producers, posted a US GAAP net income of $1.4 billion in 2006.
