SSGPO (Kazakhstan) sees net profit at $222 m in 2004

/REUTERS, Almaty, Tatyana Seroshtanova, January 18, 05/ - Sakolovsko Sarbayskoe integrated mining-and-processing plant (SSGPO) said its tentative net profit in 2004 reached KZT30.2 bn (nearly $222 m). The company representative gave no further details and said final amount would be disclosed in late January 2005. SSGPO is the main ore supplier to Russia-based Magnitogorsk steel plant. SSGPO released the announcement stating that it would invest up to $90 m in 2005 compared to $69 m in 2004. The growth will be financed through own funds. Rallying demand for crude ore allows the enterprise to pursue further expansion and boost its capacity producing over 35 m tones in 2004. The company targets 40.0 m tones in 2005. The enterprise developed its five-year investment strategy till 2005 aimed at old equipment replacement and quality control improvement. SSGPO produces and refines black iron ore, fluxing limestone, bitter spar and freestone. The finished production is exported to China and Russia. According to Kazakhstan Stock Exchange as of January 1, 2004 the Committee on state property privatization owned 39.5 pct stake, Central Asian Trust Company controlled 58.89 pct in SSGPO. [2005-01-18]