NLMK’s net profit drops 91%

The net profit of Novolipetsk Iron & Steel Works (NLMK) declined by 91% in 2009: the figure went down to $215m against $2.279bn in the year 2008, the company’s report states.

‘Troubles on the global market and having to take a share in the losses of our JV Steel Invest and Finance S.A. (with most of their losses sustained in the first half of 2009) were the main causes of dropping profits last year,’ the company explains.

NLMK’s revenues decreased by 48% in 2009; the figures reached $6.14bn compared with $11.699bn in 2008. The enterprise’s gross profit shrank by 63% and amounted to $1.99bn (against $5.391bn in 2008). The operating profits plummeted by 78%, that is, by $3.169bn.

Finally, the company’s EBITDA declined by 68% and only reached $1.444bn last year.

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