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MMK sees 19% jump in H1 Net Profit 2008

MMK sees 19% jump in H1 Net Profit 2008
Russian steelmaker, Magnitogorsk Iron and Steel Works (MMK) has unveiled a Net Profit for H1 2008 of $1.03 billion, up 19% Year on Year jump under US GAAP.

Revenues were up 41% to $5.63 billion, with EBITDA up 25% to $1.5 billion.  That came on the back of an 8.3% increase in steel production to 7.015 million tones, and an 8.1% increase in rolled product production to 6.434 million tones.

Strong domestic demand underpinned the results with MMK saying average sales prices for its products jumped as much as 45% in Q2 compared with Q1.  The company also noted that its efforts on equipment modernization, cost control, energy conservation, and increasing labour productivity are also adding to the bottom line.