YEKATERINBURG, December 5 (RIA Novosti) - The Magnitogorsk Iron and Steel Works (MMK) [RTS: MAGN] said on Wednesday its US GAAP net income increased 30.31% year on year in January-September 2007 to $1.39 billion.
MMK, the largest enterprise in Russia's steel industry accounting for about 20% of all steel products sold on the domestic market, said its revenue in the reporting period increased 32.31% to $6.15 billion, operating income climbed 24.88% to $1.63 billion and EBITDA (earnings before interest, taxes, depreciation and amortization) went up 25.85% to $1.82 billion.
MMK is a major fully integrated steel making complex performing the complete production cycle from preparation of iron ore materials to high added value processing of steel.
In 2006, MMK produced 12.5 million metric tons of crude steel and 11.3 million metric tons of commercial steel products.
