NLMK’s sales revenues down 4.64 percent in 2016

Monday, 06 March 2017 14:53:02 (GMT+3)   |   Istanbul
       

In its financial results according to International Financial Reporting Standards (IFRS) for the full year of 2016, Russian steelmaker NLMK Group's net profit decreased by three percent year on year to $935 million. The company's sales revenues amounted to $7.64 billion, down 4.64 percent year on year, due to lower average sales prices. In the same year, NLMK Group's EBITDA remained stable at $1.94 billion, while its EBITDA margin increase by one percentage point to 25 percent, both on year-on-year basis.
 
In 2016, NLMK Group's sales volume rose by one percent year on year to 15.92 million mt supported by the improved sales structure of the company.
 
The company’s CEO Oleg Bagrin stated that NLMK continues to implement its large-scale operational efficiency program Strategy 2017 and its goals of strengthening its position as a one of the world’s most efficient steelmaking companies and generating $1 billion of EBITDA per year remain unchanged. According to Mr. Bagrin, over the course of the 2014-16 period, the company’s Strategy 2017 program delivered a structural net EBITDA gain of $547 million per year. In the current year, NLMK will maintain its progress towards its targets and it will also develop the next phase of its strategy, namely, its Strategy 2022 program.

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