Novolipetsk Steel, one of Russia's largest steel producers, said revenues amounted to $9.64 billion, a 74% rise against the same period of 2007.
The key drivers for the revenue and profit increases were a growth in prices for and volume of products sold by NLMK Group, as well as higher sales of high value added products.
Operating profit rose 73% to $3.78 billion. EBITDA reached $4.05 billion, a 65% growth. The EBITDA margin was 42%, just two percentage points lower than in the same period last year.
The company has downgraded its outlook for 2008 revenue, however, from $12.5 billion to $11.6 billion due to a fourth quarter deterioration over falling commodity prices amid the global financial crisis.
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, chairman of the company's board of directors, owns 84.6% of Novolipetsk Steel's stock.
