MMK posts 3Q 2010 net profit of $43 million

Russian steelmaker, MMK, has posted a 3Q 2010 net profit of $43 million under IFRS.

The net result compares with a 3Q 2009 net profit of $76 million, , with 3Q EBITDA coming in at $388 million, compared to $309 million in 3Q 2009, as 3Q Revenues $2.055 billion, from $1.404 billion a year earlier.The 3Q figures made for a 9M net income of $190 million, with 9M EBITDA rising 90% year on year to $1.199 billion, as 9N Revenues climbed 70% year on year to $5.775 billion.The company said the 3Q figures reflected sales keeping pace with 2Q 2010 due to increasing domestic demand, and higher coking coal prices in August. The company added that finished steel production climbed 20% year on year over 9M 2010, with increased output of higher value added products.MMK CFO Oleg Fedonin said the results were solid in a difficult operating environment. “We are pleased with the results achieved: they are in line with our expectations and reflect the ability of the company to work efficiently in the challenging market environment.”