The FINANCIAL — According to RIA Novosti, Novolipetsk Steel [LSE: NLMK] said on November 10 its net profit under Russian Accounting Standards increased almost 200% in July-September from a year ago to 30.68 billion rubles ($1.14 billion).
Novolipetsk Steel, one of Russia's largest steel producers, said its revenue in the reporting period grew 65% to 65.37 billion rubles ($2.4 billion), gross profit doubled to 34.44 billion rubles ($1.28 billion), and operating profit more than doubled to 28.53 billion rubles ($1.6 billion).
"NLMK's revenue growth in the third quarter of 2008 is attributable, primarily, to increased metal product prices, and also to changes in the sales structure towards a larger share of added-value products," the steel giant said in a statement.
NLMK said it expected its financial results to deteriorate in the fourth quarter due to the global financial crisis, which has caused a decline in steel prices and lower demand.
The integrated steel-making company produces pig iron, slabs, hot-rolled, cold-rolled, galvanized, pre-painted, and grain- and non-grain-oriented steel.
Vladimir Lisin, chairman of the company's board of directors, owns 84.6% of Novolipetsk Steel's stock.