NLMK: VIZ-Stal’s profits drop due to falling steel prices
The gross profit of OOO VIZ-Stal (NLMK’s daughter enterprise) decreased by 10% in the fourth quarter of 2010 compared with the third quarter, whereas the figures for the year 2010 were 35% smaller than in 2009, the company’s financial report (drawn up in accordance with the Russian Accounting Standards) says.
Thus, the company’s gross profit reached 3.2bn RUR last year against 5bn in the year 2009.
‘The decrease in profits has to do with the dropping market steel prices and the growing hot-rolled products that serve as raw materials for the electric steel production,’ NLMK reports.
VIZ-Stal’s sales proceeds decreased by 24% in the fourth quarter of 2010 and by 45% in the year 2010.
Thus, the company’s gross profit reached 3.2bn RUR last year against 5bn in the year 2009.
‘The decrease in profits has to do with the dropping market steel prices and the growing hot-rolled products that serve as raw materials for the electric steel production,’ NLMK reports.
VIZ-Stal’s sales proceeds decreased by 24% in the fourth quarter of 2010 and by 45% in the year 2010.
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