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March 30, 2010

OJSC “Magnitogorsk Iron and Steel Works” (MMK) announces its financial results under Russian Accounting Standards (RAS) for Q4 2009

The results reflect MMK (parent company) operations only and may vary significantly from the consolidated financial results under IAS.

-MMK has retained the leadership in Russia among steelmakers with 17% market share in 2009.

-MMK sales under RAS amounted to RUR 137.317 bn in 2009.

-MMK net profit under RAS increased by 170% to RUR 27.406 bn in 2009.

Key Q4 2009 operational highlights

• Crude steel output amounted to 2.6 mln tons in Q4 2009.

• Finished steel products output amounted to 2.3 mln tons which is 11% lower compared to Q3 2009.

• Decreased volumes are accounted for by weakening demand for construction steel products because of the seasonality factor.

• MMK average steel price (in RUR) grew by 6% in Q4 q-o-q. This growth is particularly driven by increased plate production at Mill 5000 in Q4 - up by 3.5 times to 130 thousand tons.

• Domestic price premium at HRC stood at RUR 2.240/ton in Q4.

• MMK domestic shipments share grew from 54% to 57% q-o-q, to account for 65% of proceeds.

Key financial highlights

Key Profit & Loss statement figures

• Q4 2009 sales amounted to RUR 39.579 bn which is 5% lower q-on-q.

• Operating income amounted to RUR 8.211 bn which is 10% lower q-on-q mostly because of decreased volumes.

• Net profit grew by 4% q-o-q to RUR 7.478 bn in Q4 2009.

Balance sheet as of December 31, 2009 (compared to balance sheet as of January 01, 2009)

Total assets amounted to RUR 243.370 bn, which is 16% higher compared to Dec 31, 2008. The increase is accounted for by non-current assets growth.

Non-current assets grew by RUR 41.532 bn as the result of:

• increase of the balance sheet value of fixed assets and construction in progress by 26.548 bn, including construction of Mill 5000, colour-coating line #2 and continuous slab-casting machine #6.

• increase of long-term investments by RUR 17.306 bn – positive revaluation of the stake in the Australian mining company Fortescue and participation in the equity of Belon coal company.

Current assets value went down mainly due to decrease of current accounts receivable by 24% from RUR 34.687 to RUR 26.490.

Long-term liabilities grew to RUR 42.186 bn as the result of investment programme implementation in order to widen the product portfolio and to increase the share of HVA products.

Short-term liabilities went down by 38% to RUR 27.279 bn because of decreased short-term borrowings by 21% to RUR 8.660 bn and payables to RUR 16.610 bn.




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