Northern Iron Ore increases net revenue by 70% y-o-y in 2010

Northern Iron Ore (UX: SGOK UK), part of Metinvest Group, lifted its net revenue by 70.2% y-o-y to UAH 9.99 bln in 2010, according to Interfax yesterday. Net income for last year increased by 2.1x y-o-y to UAH 3.86 bln. Northern Iron Ore said its target for pellet production in 2011 was 10.3 mln mt (up 3.8% y-o-y) and concentrate at 14.2 mln mt (approximately equal to 2010). In 1Q11, the company produced 2.4 mln mt of pellets (down 5.8% y-o-y) and 3.5 mln mt of concentrate (down 1.3% y-o-y).