Ukrainian Metinvest’s profit quadruples in 2011
KYIV, April 17 (Reuters) – Ukraine’s largest steel producer
Metinvest said on Tuesday its net profit rose to $1.845 billion
in 2011 from $437 million a year earlier on higher sales volume
and prices.
The privately-held firm, owned by Ukraine’s richest man
Rinat Akhmetov, increased its revenue to $14.189 billion in 2011
from $9.385 billion in 2010, its audited financial report
showed.
“The steel segment accounted for 95.4 percent of the
increase in the consolidated revenues, driven primarily by a
68.7 percent increase in sales volumes of own products, along
with a 26.7 percent rise in average steel prices,” Metinvest
said in a statement.
Metinvest owns iron ore and coal mines, ore enrichment
plants, smelters and other connected companies in Ukraine and
abroad. It increased crude steel output to by 64.4 percent to
14.375 million tonnes in 2011.
(Reporting by Olzhas Auyezov; Editing by Hans-Juergen Peters)
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