NLMK reports profit decrease in Q1

Russian Novolipetsk Steel (NLMK) reported that the company's profit decreased 12 percent year on year to $1.12 billion in the first quarter of 2006 under US GAAP standards. The company's EBITDA dropped 40 percent to $390 million during the given period. EBITDA margin declined to 35 percent from 51 percent in the first quarter of 2005. The operational profit of NLMK decreased 38 percent to $380 million during the same period. The company's lower profits in the first quarter of 2006 directly resulted from the falling steel prices during that period.