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MMK's net profit shrinks 45% in H1
RBC, 29.07.2010, Moscow 14:22:10.The net profit of Magnitogorsk Iron and Steel Works (MMK) under RAS shrank 45 percent to RUB 6.987bn (approx. USD 231m) in the first half of 2010 compared to the corresponding period of the previous year, Russia's largest steel company indicated in a statement today. At the same time, the company's net profit amounted to RUB 677m (approx. USD 22.4m) in the second quarter, more than 9 times less than in Q1. MMK attributes the decrease in net profit to a revaluation of financial investments due to changes in the market value of Russian and international companies owned by the company.
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