MMK announces higher H1 2007 net profit

Consolidated net profit of Magnitogorsk Iron and Steel Works (MMK) under US GAAP went up by a factor of 1.4 to $866m in the first six months of 2007, Russia's largest steel company said in a statement today. Revenue surged 43.88 percent to $4bn, while operating profit soared 56.09 percent to $1.077bn. The company's EBITDA went up 53.50 percent to $1.205bn. MMK's net profit in the second quarter of 2007 amounted to $516m, while revenue stood at $2.155bn. The company's management attributes this increase in the consolidated revenue to higher production and sales, as well as to introduction of new products.