VIZ-Stal’s revenues drop 73.42%
The revenues of VIZ-Stal dropped by 73.42% in the first quarter of 2009 compared with the last one of 2008; at the same time, the company’s gross profit went down by 71.86%, its sales revenues by 75.77%, and its net profit by 74.56%. Such are the results of Novolipetsk Iron & Steel Works (NLMK) daughter enterprise’s performance in January-March 2009.
NLMK’s press officer reports the problems have to do with the plummeting demand for VIZ-Stal’s products.
‘The global demand for transformer steel decreased at the beginning of the year because of the economic crisis and the customers’ existing reserves. So our sales dropped both on the foreign and domestic market,’ the press officer says.
‘However, selling our goods abroad has meant that the higher exchange rates offset the falling sales figures,’ the spokesperson adds.
NLMK’s press officer reports the problems have to do with the plummeting demand for VIZ-Stal’s products.
‘The global demand for transformer steel decreased at the beginning of the year because of the economic crisis and the customers’ existing reserves. So our sales dropped both on the foreign and domestic market,’ the press officer says.
‘However, selling our goods abroad has meant that the higher exchange rates offset the falling sales figures,’ the spokesperson adds.
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