06 июня 200809:15
Novolipetsk Iron & Steel Works does worse after buying Maxi Group
The net profit made by Novolipetsk Iron & Steel Works in the first quarter of 2008 (calculated on the basis of US GAAP) reached $617.7m, which is 35% better than in the first quarter of 2007, the spokesperson for the enterprise reports. At the same time, the company’ EBITDA margin went down from 43% to 47% in January-March 2008. Experts believe this has to do with Novolipetsk Iron & Steel Works acquiring Maxi Group’s 50% plus one share in December 2007; this cost the former some $600m. Maxi Group then admitted that the company was on the verge of collapse, as most banks refused to let