At its session held on December 11, the Board of Directors of OJSC Magnitogorsk Iron & Steel Works made a decision to withdraw from several companies, MMK informed.
In particular, the company will sell its stake in Great Plans Company Limited, Capri Coast Industry Inc, MMK Australia Pty Ltd.
Besides, the Board of Directors approved a number of interested-party transactions and amended several corporate by-laws.
OJSC Magnitogorsk Iron & Steel Works (transliterated from Russian as Magnitogorskiy Metallurgicheskiy Kombinat / MMK, tax number: 7414003633) is among the largest world steel manufacturers leading in Russia's iron and steel industry. The company's assets in Russia are a large iron and steel complex that encompasses the entire production chain from preparation of iron ore to advanced processing of rolled steel. MMK produces a great variety of metal products where high-level-processed goods of greatest added value prevail. In 2010, MMK produced 11.4 million tonnes of steel and 10.4 million tonnes of finished metal products.
Net profit (IFRS) of MMK for 9 months 2012 was $47 million against a loss of $58 million for 9 months 2011. Revenue rose by 2.8% to $7.26 billion from $7.063 billion. Operating profit decreased by 33.3% to $275 million from $412 million, EBITDA by 6.4% to $1.06 billion.
According to the information and retrieval system DataCapital, net profit (RAS) of the company for 9 months 2012 was RUB 9.321 billion against a loss of RUB 1.673 billion for 9 months 2011. Revenue decreased by 0.19% to RUB 187.113 billion from RUB 187.462 billion, sales profit by 3.83% to RUB 18.165 billion from RUB 18.888 billion, pre-tax profit was RUB 11.885 billion against a loss of RUB 1.974 billion.
AK&M "M&A Market"
"AK&M", 28.12.2012 15:37
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