Russian steel maker MMK expects H1 net above $1 bln

YEKATERINBURG, Russia, July 22 (Reuters) - Magnitogorsk Iron and Steel Works (MAGN.MM), Russia's third-largest steel maker, expects first-half 2008 net profit to exceed $1 billion, Interfax news agency reported on Tuesday, citing Chairman Viktor Rashnikov. Magnitogorsk, or MMK, posted net profit of $866 million in the first half of 2007, to U.S. Generally Accepted Accounting Principles.

Rashnikov also said first-half 2008 revenues could increase to $5.3 billion and earnings before interest, taxation, depreciation and amortisation (EBITDA) to $1.4 billion, Interfax reported. First-half 2007 revenues were $4.0 billion and EBITDA $1.2 billion.

MMK, which operates Russia's largest single steel plant in the city of Magnitogorsk, increased crude steel production by 8.3 percent year-on-year in the first six months of 2008 to 7.02 million tonnes. (Reporting by Natalya Shurmina, writing by Robin Paxton; Editing by Paul Bolding)