12 November 2010
Q3 2010 RAS Financial Results
Novolipetsk Steel (LSE: NLMK) today announces its Q3 2010 Russian Accounting Standards (RAS) financial results for its major companies.
In Q3 2010 NLMK’s major companies showed an overall year-on-year improvement in financial performance. NLMK (the main production site) and NSMMZ (the main Long Products Division company) reported revenue increases to RUR47.8 billion and RUR9.3 billion respectively, despite the Q3 2010 market downturn. These companies represent 98% of total Group steel production capacity. NLMK’s main production site net profit increased by 18.43% quarter-on-quarter to RUR13.8 billion. NSMMZ’s operating performance showed a positive trend driven by improved demand for long products that allowed the company to run at almost 100% capacity.
Note: Russian Accounting Standards (RAS) accounting results differ materially from US GAAP accounting results and are not comparable to financial statements prepared in accordance with US GAAP. Reference should be made only to consolidated financial statements prepared in accordance with US GAAP for information with respect to NLMK Group’s financial condition and results of operations to be published in December 2010.
For more detailed information on NLMK’s main production site and its subsidiaries Q3 2010 Russian Accounting Standards (RAS) financial results please download the full version of the press-release: