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Net Profit of NLMK Increased Fourfold The Third Quarter Compared to The Second Quarter

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Core Tip: According to its financial results according to US GAAP (Generally Accepted Accounting Principles) for the third quarter of the current year, Russian steelmaker N

According to its financial results according to US GAAP (Generally Accepted Accounting Principles) for the third quarter of the current year, Russian steelmaker NLMK registered a net profit of $138 million in the third quarter compared to a net profit of $34 million in the second quarter. Foreign exchange rate variations contributed to a gain of $52 million, compared to a loss of $5 million in the second quarter. NLMK's sales revenues in the third quarter this year amounted to $2.72 billion, down four percent quarter on quarter, impacted mainly by lower average selling prices amid an insignificant decrease in steel product sales, which was partially offset by an improved sales structure, with the share of high value-added (HVA) products rising to 38 percent, up one percentage point quarter on quarter.

According to NLMK, its steel sales volume in the third quarter decreased by one percent quarter on quarter to 3.724 million mt. During the third quarter, NLMK produced 3.9 million mt of steel, up three percent quarter on quarter, while its capacity utilization rate was 96 percent.

Regarding the fourth quarter, NLMK expects its steel production to increase by five percent quarter on quarter to 4.1 million mt, with approximately 290,000 mt coming from NLMK Kaluga. 2013 steel output is expected to reach approximately 15.5 million mt, up from 14.9 million mt in 2012.

 
 
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