MOSCOW, September 14 (RIA Novosti) - Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said Thursday its net profit, calculated to U.S. GAAP accounting standards, increased to $588 million in the first six months of 2006.
Russia's largest steelmaker said its sales totaled $2.78 billion in the reporting period, operating cash flows stood at $660 million and earnings before interest, taxes, depreciation and amortization (EBITDA) reached $785 million.
MMK, which produced 11.4 million metric tons of steel in 2005, exports 50% of its output to 75 countries. The company, which has a charter capital of 10.63 billion rubles (about $393 million), expanded its output 9.4% in the first half of 2006, year-on-year.
