August 22, 2014 / 6:07 AM / 3 years ago

Russian steelmaker MMK says Q2 net profit $159 mln, above f'cast

MOSCOW, Aug 22 (Reuters) - Russian steelmaker MMK reported on Friday net profit of $159 million for the second quarter, outperforming analysts' expectations for profit of $108 million.

A year earlier MMK, controlled by Russian businessman Viktor Rashnikov, posted a net loss of $155 million.

The company said its core earnings were improved thanks to an increase in sales, an improved production structure, a recovery in steel prices in Russia and a decline in global iron ore prices. (Reporting by Andrey Kuzmin; Editing by Alexander Winning)

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