The Russian steelmaker Novolipetsk Steel (NLMK) has released its financial results for the first half of 2008 under US GAAP (Generally Accepted Accounting Principles).
Accordingly, during the period in question NLMK's revenue increased by 63 percent to $5.883 billion, its gross profit increased by 52 percent to $2.649 billion, its operating income rose by 50 percent to $2.07 billion; its EBITDA went up by 47 percent to $2.313 billion, and its net profit increased from $1.065 billion to $1.531, while its EBITDA margin decreased from 44 percent to 39 percent, all compared with the same period last year.
Commenting on NLMK's results, the company's CFO Galina Aglyamova said, "The key drivers of this performance were production growth from both the newly acquired assets of Maxi Group and organic growth at the existing production facilities in Lipetsk, and a strong pricing environment in the core markets of the company."
For FY 2008 NLMK expects its revenue and EBITDA to exceed $13 billion and $5 billion respectively.