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Steel prices up by 20% from end 2010 - MMK

Reuters cited Mr Viktor Rashnikov chairman of Russia Magnitogorsk Iron & Steel Works as saying that the average prices at the company main facility are up about 20% since end December on firm raw material prices and demand.

He said that that "Steel prices are up about 20%. Raw material prices are growing at an incredible pace."

Mr Rashnikov did not give any specific prices for finished products while speaking to journalists in his office at the company headquarters in Magnitogorsk.

He also said that the company margin on EBITDA in the first two months of the year at the Magnitogorsk plant was at about the same level as at the beginning of 2010. He did not provide any details as the figures have not been released yet.

Mr Rashnikov added that MMK is looking at various opportunities on the market to increase its vertical integration or self sufficiency in raw materials including the Raspadskaya coking coal firm.

(Source: Reuters)