OAO Magnitogorsk Iron & Steel, Russia’s third-largest steel producer, said 2008 net income dropped 18 percent after sales declined in the last three months of the year.
Net income attributable to the parent company fell to $1.08 billion, or 9.7 cents a share, from $1.31 billion, or 12.1 cents, a year earlier, the Magnitogorsk-based company said today in a statement on its Web site. Sales climbed 29 percent to $10.6 billion.
Magnitogorsk slashed output in the fourth quarter by 50 percent compared with the prior three months to 1.65 million metric tons, the company said in February. It scrapped plans to create a joint venture with Italy’s Magnetto Automotive SpA to produce auto parts in St. Petersburg because of a lack of orders, Vedomosti reported in February.
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