Magnitogorsk Iron & Steel Works
Metals & Minerals
Web-site: www.mmk.ru/eng
"The Magnitogorsk Iron and Steel Works OJSC (MMK) ranks among the world's largest steel producers and is the leader of the Russian steel sector. MMK’s plant in Magnitogorsk, Russia, is a large fully integrated steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. In 2010 the MMK Group produced 11.4 m tons of crude steel and 10.4 m tons of commercial steel products." (Source: MMK)
Major shareholders (by share in equity capital): Mintha Holding Ltd. (45%)*, Fulnek Enterprises Ltd. (41%)*, The Bank of New York International Nominees (9.7%)**
Financial results (IFRS 2010)
Revenue: $7.72 billion
Net profit: $232 million
Headquarters: Magnitogorsk, Russian Federation
* — The company's beneficiary is V. F. Rashnikov, Chairman of the MMK Board of Directors.
** — Beneficiaries are owners of global depositary receipts listed on the London Stock Exchange.
Magnitogorsk Iron & Steel Works, or MMK, is to buy Australian group Flinders Mines for an agreed 554 million Australian dollars ($538 million) in a deal highlighting concerns over the Russian steelmaker's debt burden and prospects for its existing iron ore production.
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An unexpected investor turned out to be behind the demolished Hotel Rossiya next to the Kremlin, as well as the unfinished Russia Tower in Moskva-City — Viktor Rashnikov, owner of Magnitogorsk Iron & Steel Works.
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Magnitogorsk Iron & Steel Works posted a $219 million net profit for 2009, the company said Monday, as increased steel prices pushed up the fourth quarter figures, beating expectations.
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