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Novolipetsk Steel 1H06 U.S. GAAP net profit rises 13% y-o-y

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MOSCOW, September 12 (RIA Novosti) - Novolipetsk Steel [RTS: NLMK] said Tuesday its net profit calculated to U.S. GAAP accounting standards increased 13% year-on-year in the first half of 2006 to $943.8 million.

Novolipetsk Steel, one of Russia's largest steel and rolled stock producers, said its sales had risen 9% in the reporting period to $2.60 billion. At the same time, gross profit declined 5% to $1.15 billion, operating profit went down 16% to $925.3 million and earnings before interest, taxes, depreciation and amortization (EBITDA) fell 19% to $993.3 million.

Vladimir Lisin, the chairman of the board of directors, controls 89.85% of the company's stock.

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