According to its financial results according to US GAAP (Generally Accepted Accounting Principles) for the second quarter and the first half of 2013, Russian steelmaker NLMK registered a net profit of $34 million in the second quarter, decreasing by 87.8 percent year on year. NLMK's sales revenues in the given quarter amounted to $2.82 billion, down 13 percent year on year, impacted mainly by lower average selling prices amid stable sales.
During the first six months, NLMK's net profit decreased by 84 percent to $72 million, compared to the same period of the previous year. The company's sales revenues fell 10 percent year on year to $5.68 billion in the given period.
According to NLMK, its steel sales volume in the second quarter decreased by 1.12 percent year on year to 3.77 million mt, while in the first half the company's steel sales volume amounted to 7.53 million mt, down two percent year on year. During the second quarter, NLMK produced 3.79 million mt of crude steel, while the utilization rates at the Novolipetsk steelmaking facilities were at 96 percent.
Regarding the third quarter, NLMK expects capacity utilization rates to remain consistently high and crude steel output to increase by four percent year on year to 3.9 million mt. In the third quarter, sales revenues are expected to remain flat quarter on quarter.