MMK's profit under IFRS has grown almost 8 times in 9 months

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AK&M 25 October 2021 11:19

MMK's profit under IFRS for 9 months of 2021 increased almost 8 times to $2.33 billion from $291 million a year earlier. The growth was mainly due to an increase in business profitability against the background of positive trends in global markets. This is stated in the company's materials.

Revenue increased by 86.5% to $8.47 billion from $4.5 billion, EBITDA increased by 3.26 times to $3.32 billion from $1.02 billion.

Magnitogorsk Iron and Steel Works PJSC (TIN 7414003633) is one of the world's largest steel producers and holds a leading position among the ferrous metallurgy enterprises of Russia. The company's assets in Russia are a large metallurgical complex with a full production cycle, starting with the preparation of iron ore raw materials and ending with the deep processing of ferrous metals. MMK produces a wide range of metal products with a predominant share of deep processing products with the highest added value.