Metinvest iron ore producers report 2x-6x net income gains in 2008

Three iron ore producers from Metinvest, the metals & mining wing of SCM, posted 2x-6.5x increases in net income in 2008. Centralny Iron Ore (CGOK) increased its net income 3.3x yoy last year to UAH 1.9 bln (USD 250 mln). Centralny’s production amounted to 1.96 mln mt of pellets (down 12.6% yoy) and 5.72 mln mt of iron ore concentrate (down 3.7% yoy). Pivnichny Iron Ore (SGOK) raised its net income by 90.7% yoy to UAH 3.5 bln (USD 455 mln); its production came to 9.42 mln mt of pellets (down 14.9% yoy) and 12.60 mln mt of iron ore concentrate (down 5.9% yoy). Inguletsky Iron Ore (IGOK) saw its net income rise 6.5x to UAH 4.7 bln (USD 613 mln); its 2008 output was 12.97 mln mt of iron ore concentrate (down 7.5% yoy).