The Russian steelmaker Novolipetsk Steel (NLMK) has released its financial results for the first half of 2007 under US GAAP (Generally Accepted Accounting Principles).
Accordingly, during the period in question NLMK's revenue increased by 42 percent to $3.609 billion, its gross profit increased by 52 percent to $1.748 billion, its operating profit rose by 50 percent to $1.384 billion; its EBITDA went up by 59 percent to $1.57 billion, and its net profit increased by 13 percent to $1.065 billion. In addition, the company's EBITDA margin rose from 39 percent to 44 percent.
Commenting on NLMK's results, the company's Vice President for Finance & CFO Galina Aglyamova said, " The company's sound performance was driven by the favorable pricing enviroment in our core markets, asset consolidation and well-balanced sales structure".