The Russian steelmaker Novolipetsk Steel (NLMK) has released its financial results for the first nine months of 2008 under US GAAP (Generally Accepted Accounting Principles).
Accordingly, during the period in question NLMK's revenue increased by 74 percent to $9.64 billion, its gross profit increased by 75 percent to $4.75 billion, its operating income rose by 73 percent to $3.78 billion; its EBITDA went up by 65 percent to $4.05 billion, and its net profit increased by 66 percent to $2.759 billion, all compared with the same period last year.
Commenting on NLMK's results, the company's vice president for finance & CFO Galina Aglyamova said, "During the reporting period we have taken full advantage of growing prices and additional production volumes from organic growth and recent acquisitions."
Due to the apparent crisis in the global economy, NLMK expects its consolidated financial results to decrease substantially in Q4 2008, and anticipates lower than expected full FY 2008 results, with FY 2008 revenue predicted at around $11.6 billion, and FY 2008 EBITDA at around $4.8 billion.