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Magnitogorsk Targets Gain

Magnitogorsk Iron & Steel, also known as MMK, is targeting an increase of 7 percent to 8 percent in 2012, it said Monday on its web site, without specifying volumes.

The steelmaker expects to sell at least 11.4 million tons of products this year, 10 percent higher than in 2010, company filings show. Growth at MMK will be led next year by its Mill 2000 in Magnitogorsk, the company said. MMK is scheduled to start the second phase of the mill, which produces steel for automakers, in July. MMK's total Russian sales may rise 14 percent next year, the company said.

(Bloomberg)

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