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NLMK Steel Group Announced Q1 2012 Revenue
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2012-07-20
Russia’s third largest steel producer, Novolipetsk Steel (NLMK), announced its consolidated revenue for Q1 2012. In Q1, average steel product sales prices declined by 5% driven by the negative market sentiment in the previous quarter (Q4 2011). As a result, the Group’s revenue increased marginally to US$3.1 billion (+1.3% q-o-q), driven by the 9% growth in sales (total 3.9 million tons).
Despite the seasonal slowdown in demand in Q1 2012, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 17% to US$432 million as a result of reduced costs and improved production efficiency. The EBIDTA margin grew 2 p.p. to 14%. The Group’s long products and foreign rolling assets posted significant performance improvements. The Group’s net profit increased by 13% q-o-q and totaled US$173 million. Net debt was US$3.5 billion (+5% q-o-q).
Higher profitability and working capital optimization resulted in a higher cash flow from operations, which was up 57% q-o-q and totaled US$502 million. In Q2, the group expects revenue growth of 10% based on continued increase in sales and an EBITDA margin of approximately 17%-19%.
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2012-07-20

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