| Magnitogorsk, Russian Federation, 23 April, 2007- Today Magnitogorsk Iron and Steel Works, one of Russia’s leading integrated steel companies, announced its financial statements for the first quarter of 2007, reported in accordance with Russian Standards of Accounting Reporting. These results are for OAO MMK only and not its subsidiaries.
OAO MMK’s net revenues for the first quarter of 2007 totaled 43 127.4 million rubles, which is 28% higher than the net revenue for the 1 st quarter of 2006 (33 606.9 million rubles).
MMK’s income before income tax totaled 13 208.2 million rubles and was 51% higher than the result for the first quarter of 2006 (8 725.8 million rubles).
In the first quarter of 2007 MMK significantly improved net income results. Net income was up by 56.3% and reached 10 311.7 million rubles (6 598.0 million rubles in the first quarter in 2006). Net income margin reached 23.9%.
Viktor Rashnikov, Chairman of MMK’s Board of Directors, commenting on the first quarter of 2007 financial results said, “We are pleased with the financial results the Company has demonstrated in the first quarter of 2007. These results indicate the continued stable development of the Company and support the effectiveness of our strategy.”
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