The Russian steelmaker Novolipetsk Steel (NLMK) has released its financial results for the first nine months of 2007 under US GAAP (Generally Accepted Accounting Principles).
Accordingly, during the period in question NLMK's revenue increased by 29 percent to $5.546 billion, its gross profit increased by 33 percent to $2.72 billion, its operating profit rose by 30 percent to $2.18 billion; its EBITDA went up by 35 percent to $2.46 billion, but its net profit decreased by two percent to $1.657 billion. In addition, the company's EBITDA margin dropped from 44 percent to 43 percent.
Commenting on NLMK's results, the company's Vice President for Finance & CFO Galina Aglyamova said that although NLMK showed strong financial results in the first nine months of 2007, some negative factors, such as the technical malfunction of blast furnace number six and non-compliance with coal supply agreements due to occurrence of accidents at major Russian coal mines, influenced NLMK's performance.