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The Magnitogorsk Iron and Steel Works [RTS: MAGN] said on Tuesday
The Magnitogorsk Iron and Steel Works [RTS: MAGN] said on Tuesday its net profit under Russian Accounting Standards increased 29% year-on-year in January-September to 41.7 billion rubles ($1.6 billion).

The Magnitogorsk Iron and Steel Works (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 rose 39% to 198.28 billion rubles ($7.6 billion).

MMK, 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, said steel output grew 3.8% in January-September 2008 year-on-year to 10.3 million metric tons, and commercial steel products output was 3% higher, at 9.37 million metric tons.

The company's hot-rolled coil price grew 53% in the first nine months of 2008 year-on-year, the steel giant said.

Commenting on the company's results, Viktor Rashnikov, chairman of the MMK board of directors said: "Global economic change is affecting the whole of the Russian steel sector, and MMK is no exception to this trend. We have therefore taken a decision to lower production levels to reflect market conditions. Despite the challenging environment, MMK remains financially strong, and we are confident in the company's long term strategy."


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