In its financial results according to US GAAP (Generally Accepted Accounting Principles) for Q3 of the current year, Russian steelmaker NLMK Group's net profit declined by 62 percent compared to the previous quarter, to $225 million. In Q3 this year, the company's sales revenues increased by 12 percent quarter on quarter reaching $3.33 billion, thanks to nine percent growth in steel sale volumes.
According to the NLMK statement, consolidation of its EU and US rolling assets contributed to higher revenues. Despite the negative market sentiment, utilization rates remained high (above 90 percent). For Q4, NLMK expects a seven percent growth in steel production output, following the launch of its new blast furnace.