NLMK gross profit drops 73%

The profits of Novolipetsk Iron & Steel Works (NLMK) amounted to $4.32bn in January-September 2009; this figure was 55% lower than that for January-September 2008, the company’s consolidated financial report for the three quarters of 2009 states.


NLMK’s gross profit plunged by 73% down to $1.3bn, while its operating profit decreased by 86% and came to $545m. The money flow shrank by 34%. At the same time, the company’s net debt rose by 29% and reached $761m.


The enterprise’s EBITDA came to $917m in January-September 2009, which was 77% less than in the nine months of 2008. The EBITDA profitability rate came to 21% over the same period of time; this was 21% less than a year earlier.


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