27 Oct 2009 07:00
October 27, 2009
OJSC "Magnitogorsk Iron and Steel Works" (MMK)
financial results under Russian Accounting Standards (RAS) for 3Q 2009
The results reflect MMK operations only and do not relate to subsidiaries or affiliated companies.
Key Q3 2009 operational highlights
Key financial highlights
The production volume in Q3 2009 grew significantly compared to Q2 2009. MMK management continued supporting the low level of cash cost and optimizing the structure of production portfolio.
Key Q3 2009 Profit & Loss statement figures
The change of net income in Q3 2009 compared to Q2 2009 is attributed to the following factors:
Balance sheet as of September 30, 2009 (compared to balance sheet as of January 01, 2009)
Total assets increased by 6% and amounted to RUR 222.5 bn
The balance sheet value of non-current assets grew by 21% and amounted to RUR 155.2 bn in the result of:
Current assets value decreased by 18% to RUR 67.2 bn mainly due to the following:
Long-term liabilities increased to RUR 37.6 bn as the result of investment programme implementation.
Short-term liabilities went down by 2.4 times due to repayment of short-term loans and credits by RUR 10.45 bn and decrease of trade accounts payable by RUR 14.6 bn.
Contacts
Evgeny Kovtunov
+7 3519 24 93 55
e-mail: kovtunov@mmk.ru
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Financial statement for Q3 2009 results under RAS is to be found at: http://www.mmk.ru/eng/invrelations/b_reports/r_reports/index.wbp
Information on MMK:
The Magnitogorsk Iron and Steel Works OJSC (MMK) is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The Company is a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of value added goods. In 2008 the Company produced 12m tonnes of crude steel and 11m tonnes of commercial products. MMK Group sales stood at USD 10.550bln.