MMK posts 1Q 2009 Net Loss of $110 million

Russian steelmaker, Magnitogorsk Iron and Steel Works, or MMK, has posted a 1Q 2009 Net Loss of $110 million under IFRS.

The bottom line compares with a 1Q 2008 Net Profit of $183 million, with Revenues falling to $965 million for 1Q 2009 from $2.16 billion for 1Q 2008.

MMK focused on the turnaround from 4Q 2008, which showed the bottom line rising from the $ 402 million Net Loss posted for 4Q 2008, with EBITDA rising to positive $99 million, after the 4Q 2008 negative EBITDA of $469 million, on 1Q 2009 sales of $965 million, down from 4Q 2008 sales of $1.368 billion.