NLMK’s net profit plunges 71%

The net profit of OAO Novolipetsk Iron& Steel Works (NLMK) decreased by 71% in the fourth quarter of 2010 compared with the third quarter, dropping from $516m down to $149m, the company’s report (drawn up in accordance with the US GAAP) states.

However, the revenues for the entire year rose by 36% and reached $8.35bn due to the sales going up to their pre-recession level and increased sales of high value-added produce; in addition, the growing production output had a role to play as well. The company’s net profit thus rose to $1.25bn.

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