Magnitogorsk Iron and Steel Works posts Q1 results

Net income of the Magnitogorsk Iron and Steel Works amounted to 4.730bn rubles ($152.6m) in the first quarter of 2003, compared to 244m rubles in losses in the corresponding period of 2002, the press service of the enterprise reported.

Sales income in the period from January to March 2003 was 6.785bn rubles ($218.9m). Sales proceeds were 20.35bn rubles ($656.5m) in the reported period.

In the first three months of this year the company produced 2.353m tons of agglomerate, 1.315m tons of coke, 2.306m tons of crude iron, 2.711m tons of steel, 2.413m tons of rolled metal.

In 2003 the company is planning to increase its production by 4 percent to 10m tons of metal products.

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