MOSCOW, March 23 (RIA Novosti) - Magnitogorsk Iron and Steel Works [RTS: MAGN] increased its U.S. GAAP net profit 50.6%, year-on-year, to $1.4 billion in 2006, the leading Russian integrated steel company said Friday.
Operating profit grew 33.4%, to $1.77 billion, and earnings before interest, taxes, depreciation and amortization (EBITDA) rose 32.7%, to $2.005 billion. Revenues were up by 19.4%, to $6.424 billion.
"We are delighted with the results of 2006. The company achieved great operational efficiency resulting in positive financial results," said Viktor Rashnikov, chairman of MMK's board of directors.
MMK, which produced 12.5 million metric tons of crude steel and shipped 11.4 million metric tons of commercial steel products in 2006, exports 50% of its output to 75 countries.
