Russian steelmaker Novolipetsk Steel (NLMK) has stated that it plans to invest US$1.6 billion in development in the period up to and including 2017 and that it expects additional income of $1 billion per year by 2017.
By 2017, the company plans to reach a net debt to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio of 1.0. The company also plans to pay its shareholders at least 20 percent of the net profit based on US GAAP (generally accepted accounting principles) in dividends.
NLMK also expects its annual steel product sales to rise to 16.3 million mt in 2017 from 14.9 million mt in 2013. The share of high value-added products will increase from 35 percent to 40 percent in the same period.