Steel giant Novolipetsk Steel posts $193.8 mln net loss for Q1
20:17, 2 June 2009
MOSCOW. June 2. KAZINFORM Novolipetsk Steel, one of Russia's largest steel companies, announced on Tuesday a US GAAP net loss for the first quarter of 2009 of $193.8 million compared with a $617.7 million net profit a year earlier; Kazinform refers to RIA Novosti.
The company, based in Lipetsk in western Russia, said revenue decreased 45% to $1.29 billion, operating profit declined to $99.1 million from $776.4 million a year ago and gross profit to $322.3 million from $1.04 billion.
EBITDA (earnings before interest, taxes, depreciation and amortization) declined 77% in the reporting period to $196.7 million.
"We do not expect any significant improvement in the overall steel market in Q2 2009. We believe that price stabilization and the revival of demand may start in H2 2009 when the efforts taken to support the financial sector and stimulate the world economy lead to an increase in fixed asset investment and production growth," Novolipetsk Steel said in a statement; Kazinform cites RIA Novosti.
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