NLMK announces results for January-August 2005

NLMK announces results for January-August 2005

The combination of planned production cuts and the downward price trend gripping the market ate into Russian steelmaker Novolipetsk Steel’s (NLMK) profits for the first eight months of 2005. While sales revenue grew a slight two percent year on year to rubles 80.26 billion, NLMK’s pre-tax profit through August fell 16 percent to rubles 33.06 billion. The results are based upon Russian Accounting Standards. Preliminary results for the first eight months of 2005 indicate that NLMK produced 5.04 million metric tons (mmt) of pig iron, down 16 percent year on year; 5.43 mmt of steel, down 12 percent; 5.11 mmt of finished rolled products, down 12 percent; 8.32 mmt of sinter, down 10 percent; and 2.53 mmt of coke, down 14 percent.