MOSCOW, October 11 (RIA Novosti) -- Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said Wednesday its net profit, calculated to Russian Accounting Standards, rose 11.4% in the first nine months of 2006, year-on-year, to 26.7 billion rubles ($1 billion).
Russia's largest steelmaker said its net profit in the third quarter of the year climbed 70.7%, year-on-year, to 11.2 billion rubles ($410 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), said earlier its output expanded 9.4% in the first half of 2006, compared with the same period in 2005.
