7 Apr 2011 10:22

Steel maker MMK posts $42 mln Q4 IFRS earnings

MOSCOW. April 7 (Interfax) - Magnitogorsk Iron & Steel Works (MMK) closed Q4 2010 with net profit of $42 million to International Financial Reporting Standards (IFRS), the company said.

Earnings before taxes, depreciation and amortization (EBITDA) rose 5% to $407 million.

Sales revenue was down 5% from the previous quarter at $1.9 billion.

MMK expects overall steel output to rise 20% and output at its Russian site to grow 15% in 2011.