In its financial results according to according to International Financial Reporting Standards (IFRS) for the first quarter of this year, Russian steelmaker NLMK Group's net profit totaled $323 million from a net profit of $57 million in the first quarter of 2016 and rising by five percent compared to the last quarter of 2016. The company's sales revenues amounted to $2.15 billion, up 37 percent year on year, driven by higher steel prices, and increasing by 10 percent quarter on quarter. In the same quarter, NLMK Group's EBITDA went up by 78 percent year on year to $618 million, rising by 19 percent compared to the last quarter of 2016 while the EBITDA margin rose by 11 percentage points to 29 percent on year-on-year basis, with a three point increase from the previous quarter.
In the first quarter of this year, NLMK Group's sales volume decreased by 11 percent year on year to 3.67 million mt, rising by one percent on quarter-on-quarter basis.
The company’s acting CFO Sergey Karataev stated that in the first quarter of the current year NLMK Group was able to grow sales in the EU and US markets against a backdrop of higher internal demand and was able to expand export deliveries of flats, offsetting the seasonal weakening of demand in Russia.