Net income was up by 56.3% in Q1

Magnitogorsk Iron and Steel Works announced its financial statements for the first quarter of 2007, reported in accordance with Russian Standards of Accounting Reporting. These results are for JSC MMK only and not its subsidiaries.

JSC 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 Q1 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 Q1 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 Q1 of 2006). Net income margin reached 23.9%.