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Novolipetsk Steel RAS net profit rises 64% in 9M06

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MOSCOW, October 31 (RIA Novosti) - Novolipetsk Steel [RTS: NLMK] said Tuesday its net profit, calculated to Russian Accounting Standards, increased 64%, year-on-year, in the first nine months of 2006, to 44.99 billion rubles (about $1.67 billion).

Novolipetsk Steel, one of Russia's largest steel and rolled stock producers, said net profit grew 72.7%, quarter-on-quarter, in the second quarter of 2006, to 18.96 billion rubles (about $702 million).

Novolipetsk Steel, which is based in Lipetsk, Central Russia, attributed its quarterly profit growth mainly to an increase in profit from sales due to an improved situation on the world metal products market and the sale of its stake in the KMAruda mining company, based in Belgorod on the Ukrainian border.

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

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