The Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) released its financial results for 2012, MMK posted a net loss of US$94 million for 2012, rising from a net loss of US$125 million in a year ago. In 2012, the company realized sales revenues of US$9.328 billion, up by 0.2% from a year ago, boosted by higher output of finished steel products and improvements in product structure.
At the same time, MMK’s operating profits for 2012 totaled US$266 million, falling by 27% year on year, due to a rise of US$50 million in operating loss for the steel segment in Turkey in 2012 and a drop of US$132 million in operating profit of coal segment. In addition, the company’s EBITDA rose by 1.5% to US$1.356 million in 2012. The margin rate was at 14.5%, rising by 0.2 percentage points from a year ago.
