UPDATE 2-Novolipetsk Steel makes another quarterly loss

* NLMK (NLMK.MM) Q1 net loss $193.8 mln

* Q1 core earnings reached 196.7 mln

* Sees 2009 output 10 mln tonnes, down 5 percent yr/yr

* Shares off 7.7 pct in London

(Adds details, analyst comment, share price)

MOSCOW, June 2 (Reuters) - Russia's Novolipetsk Steel stayed in the red for the second straight quarter as forex losses and weak demand led to a first-quarter net loss of $193.8 million, compared with last year's $617.7 million net profit.

Russia's fourth-largest steel producer said on Tuesday that foreign exchange losses gouged $113 million from its bottom line, making it much wider than the $23 million loss forecast in a Reuters poll.

"In Q1 2009, market conditions in our core markets remained subdued, which, coupled with lower sales volumes, adversely impacted our financial results," Chief Financial Officer Galina Aglyamova said in a statement.

Steel makers in Russia, the world's fourth-largest steel producing nation, are posting sharply lower year-on-year results in the first quarter as lower world prices and domestic market weakness weigh on the sector.

Last month the nation's largest producer, Severstal (CHMF.MM), also posted its second consecutive quarterly loss, falling $644 million below the break-even point. [ID:nLF670439]

Novolipetsk, controlled by billionaire Vladimir Lisin, also said first quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 77 percent year-on-year to $196.7 million, above the $190 million forecast.

Sales in the period dropped 45 percent to $1.29 billion, ahead of the $1.19 billion forecast.

Novolipetsk in March forecast first-quarter revenues of $1.1 billion and an EBITDA margin of 20 percent. [ID:nLO131297]

The company, also known as NLMK, did not provide any financial details on its outlook for the full year, though it reiterated that it expected "a significant year-on-year decrease in revenue, largely due to price environment deterioration."

For the current quarter, NLMK said it expected to achieve an EBITDA margin of 20 percent.

Analysts said the below-forecast net figure hurt the share price in Tuesday trade, and at 1458 GMT its London-listed global depositary shares were down 7.7 percent to $21.24.