Metalloinvest clears decks for IPO by unveiling 2007 net profit of $1.2 Billion

Russian Mining and Metals holding, Metalloinvest, has unveiled a full year Net Profit for 2007 of $1.2 Billion.

Reporting under IFRS for the first time ahead of an IPO anticipated later this year, the company said the figures were an increase of 140% over the 2006 full year results.  Sales for the year came in at $6.67 Bilion, with EBITDA at $2.4 Billion.

The company plans to invest $11.4 Billion over 4 years and increase iron ore output by 50% to 60 million tonnes by 2013.