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MMK set for IPO, with price range of $12.25-15.50 per GDR

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MOSCOW, April 9 (RIA Novosti) - The Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said Monday its global offering price range will be $12.25-15.50 per Global Depositary Receipt (GDR).

MMK, which accounts for more than 20% of Russia's metals market, is embarking April 9 on a two-week road show of its global offering of ordinary shares and GDRs in Russia and abroad, representing 13.64% of its charter capital.

Late in March, MMK announced its intention to list GDRs on the London Stock Exchange. MMK's ordinary stock is currently traded on the stock exchanges of the Russian Trading System and the Moscow Inter-Bank Currency Exchange.

MMK said the final price for its global offering will be announced in late April.

MMK, which produced 12.5 million metric tons of crude steel and shipped 11.4 million metric tons of commercial steel products in 2006, exports 50% of its output to 75 countries.

MMK's U.S. GAAP net profit rose 50.6%, year-on-year, in 2006, to $1.426 billion, and its sales were up 19.4%, to $6.424 billion.

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