MOSCOW, August 20 (RIA Novosti) - The Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said on Wednesday its US GAAP net profit increased 19% year-on-year to $1.03 billion in January-June 2008.
MMK, the largest enterprise in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, said its revenue in the reporting period rose 41% to $5.65 billion year-on-year.
Net consolidated income calculated to US GAAP climbed 24% year-on-year in 2007 to $1.7 billion.
MMK 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.
