The Russian steelmaker Novolipetsk Steel (NLMK) has announced that in the fourth quarter of 2008 it plans to reschedule maintenance work at its Lipetsk-based main production site, due to the global slowdown in demand for steel products and the weakening of the pricing environment.
As the company stated, this rescheduling of maintenance work may result in a decrease in the 2008 output compared to previously forecasted output for the year. Especially likely to see declines are the production volumes for mostly low value-added products such as pig iron, slabs and HRC.
With the regard to the 2008 financial results, NLMK expects its full-year revenues to grow to $12.5 billion, and its 2008 EBITDA to reach $5 billion.