NLMK’s net profit drops 55%

The revenues of Novolipetsk Iron & Steel Works (NLMK) decreased by 6% in the first quarter of 2010 compared with the fourth quarter of 2009 and amounted to $1.697bn, the company’s consolidated financial report says.

The enterprise’s representatives explain the drop in revenues had to do with the declining prices and having to sell less expensive products.

NLMK’s net profit went down by 55% in the first quarter of 2010 against the last quarter of 2009 and came to $132m. At the same time, the company’s net debt rose by 20%, that is, up to $955m.

The company’s assets were estimated at $13bn on March 31, 2010, which was 4% better than three months before.


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