MOSCOW, September 10 (RIA Novosti) - The Magnitogorsk Iron and Steel Works (MMK) announced on Thursday a $59 million net consolidated profit calculated to International Financial Reporting Standards (IFRS) for the second quarter of 2009.
In January-March 2009, MMK posted a net loss of $110 million.
Revenue grew 7.6% to over $1 billion, and EBITDA (earnings before interest, taxes, depreciation and amortization) more than doubled to $207 million, the company said in a statement.
The steel producer's gross debt amounts to $1.6 billion, while net debt currently stands at $865 million.
MMK, one of the largest enterprises in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, is a major fully integrated steel-making complex performing the complete production cycle from preparation of iron ore materials to high added value processing of steel.
