CORRECTED-Ukrainian Metinvest's profit quadruples in 2011

Tue Apr 17, 2012 3:06am EDT

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(Corrects net profit figure in first paragraph to $1.854 billion, not $1.845 billion)

KIEV, April 17 (Reuters) - Ukraine's largest steel producer Metinvest said on Tuesday its net profit rose to $1.854 billion in 2011 from $437 million a year earlier on higher sales volume and prices.

The privately-held firm, owned by Ukraine's richest man Rinat Akhmetov, increased its revenue to $14.189 billion in 2011 from $9.385 billion in 2010, its audited financial report showed.

"The steel segment accounted for 95.4 percent of the increase in the consolidated revenues, driven primarily by a 68.7 percent increase in sales volumes of own products, along with a 26.7 percent rise in average steel prices," Metinvest said in a statement.

Metinvest owns iron ore and coal mines, ore enrichment plants, smelters and other connected companies in Ukraine and abroad. It increased crude steel output to by 64.4 percent to 14.375 million tonnes in 2011. (Reporting by Olzhas Auyezov; Editing by Hans-Juergen Peters)

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