ÎÀÎ Magnitogorsk Iron & Steel Works (MMK) intends to earn US$932 million of net income for the year 2005, integration policy Director of MMK Mikhail Buryakov reported at the Conference organized by Brunswick UBS.

MMK's net earnings for the year 2004 came to US$1.2 billion, up 22 percent from this year.

Company's revenue last year made up US$4.8 billion, EBITDA was US$1.7 billion, dividend payments reached over 14.2 billion rubles (about US$518 million).

In 2004 the Works reached high production capabilities. The production of sinter amounted to 10 million 361 thousand tons, coke production was registered at 5 million 870 thousand tons, the production of pig iron and steel reached 9 million 654 thousand tons and 11 million 294 thousand tons respectively. At the same time the year was very complex for the steel makers. The deficit of the coking coal and the unprecedented rise of prices for the raw materials created certain difficulties. The main problem resided in the decrease of quality and stability of the coal charge. MMK managed to successfully cope with this complicated situation. The production of commercial products amounted to 10 million 125 thousand tons exceeding the figures of the year of 2003 by 52 thousand tons.

MMK as usual remains the most active participant in the investment process among the enterprises of the non-ferrous industry.

"AK&M", 30/09/2005 13:48