Magnitogorsk Iron & Steel Works (MMK) closed Q4 2011 with net losses of $67 million to International Financial Reporting Standards (IFRS), down from $205 million in Q3 2011, the company said.Net losses for the year were $125 million, compared with profit of $232 million in 2010.The loss for FY 2011 was $125 million, due mainly to the negative effect of the loss at MMK Metalurji ($179 million). Other factors included a negative FX effect of $25 million and an impairment losses on assets held for sale of $41 million.
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