In its financial results according to US GAAP (Generally Accepted Accounting Principles) for 2011, Russian steelmaker NLMK Group's net profit increased by eight percent compared to the previous year, to $1.4 billion. In the fourth quarter of 2011, the company's net profit declined by 32 percent year on year to $153 million.
In 2011, NLMK's sales revenues increased by 40 percent year on year reaching $11.8 billion, thanks to nine percent growth in steel sale volumes.
According to the NLMK statement, its annual crude steel output in 2011 increased to a record 12 million mt, with Novolipetsk, the main production site in Lipetsk, contributing 9.8 million mt, up five percent compared to the previous year. On the other hand, total slab deliveries to the company's overseas rolling assets amounted to 1.75 million mt, up 15 percent year on year.
Regarding the outlook for 2012, NLMK plans to increase crude steel output to over 15 million mt on the back of incremental capacity growth, thus becoming the largest steel producer in Russia. The company expects higher operating results once the new steelmaking facilities are launched at Novolipetsk.