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Print[Ferro-alloys.com]MOSCOW--Russian steelmaker OAO Magnitogorsk Iron & Steel Works (MAGN.RS) said Friday its expects declining steel prices in the second quarter to leave production and sales volumes flat after seeing first quarter net profit growth of 35.7% on-year due to the sale of its transport unit.
MAIN FACTS:
--First-quarter net profit rose 35.7% on the year to $19 million from $14 million, and turning around from a 141 million loss in the prior quarter. While the sale of MMK Trans for $125 million bolstered profit, a $50 million impairment of "non-current assets" dragged profit down.
--Earnings before interest, taxes, depreciation and amortization totaled $256 million, down 12.6% from $293 million in the first quarter last year.
--Revenue declined 5.9% on the year to $2.28 billion from $2.43 billion.
--The company said it expects declining steel prices to result in flat quarter-on-quarter production and sales volumes of finished steel in the second quarter.
--Magnitogorsk also sees lower iron ore price indices in the second quarter boosting its financial results.
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