NLMK almost doubles Q1 net profit

Russian steelmaker Novolipetsk Steel (NLMK) has announced that its net profit, under the Russian accounting standards, almost doubled in the first quarter of 2006 to Ruble 15.054 billion ($554.036 million), from Ruble 7.724 billion ($284.289 million) in the fourth quarter of 2005. The company said that its profit increased sharply due mainly to the sale of shares in Lebedinsky GOK, an iron ore producer.