It is reported that the Russia steelmakers, Magnitogorsk Iron and Steel Works (MMK) announced that in accordance with international financial reporting standards (IFRS) for financial statement and financial report for the third quarter of this year. MMK posted a net loss of US$ 138 million, less than US$ 17 million in the second quarter. The company's sales revenue amounted of US$ 1.877 billion in the third quarter, down by 13% compared to the same period of last year. In the meantime, the company will face regular inspection with reduced seasonal demand and MMK finished steel production is expected to remain at the level of the third quarter of this year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=67510&division=A6
