Northern Iron Ore increases net income by 2.6x y-o-y in 1Q11
8 June 2011
Northern Iron Ore (UX: SGOK UK), part of Metinvest Group, lifted its net revenue by 82.4% y-o-y to UAH 3.52 bln in 1Q10, according to Interfax yesterday. Net income increased to UAH 1.4 bln (up 2.9x y-o-y). 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 5M11, the company produced 4.3 mln mt of pellets (up 4.9% y-o-y) and 5.9 mln mt of concentrate (up 3.3% y-o-y).
