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UPDATE 1-Russian steelmaker NLMK expects steady Q3 performance
August 7, 2014 / 8:07 AM / 3 years ago

UPDATE 1-Russian steelmaker NLMK expects steady Q3 performance

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MOSCOW, Aug 7 (Reuters) - NLMK, one of Russia’s largest steelmakers, expects third-quarter financial results to be in line or marginally better than in the second quarter, when it made net profit of $158 million, the company said on Thursday.

Its second-quarter net profit fell by 9 percent, quarter on quarter, and missed the $238 million forecast by analysts polled by Reuters.

The fall in net profit was largely related to foreign exchange, NLMK said in a statement. The Reuters poll forecast excluded this effect.

Larger losses at affiliate NLMK Belgium Holdings S.A. (NBH), which has assets in Europe, also contributed to the profit decline, the company said.

Revenue at the company, controlled by businessman Vladimir Lisin, rose 6 percent quarter on quarter to $2.8 billion.

The company said it was on track to produce 4 million tonnes of steel products in the third quarter, up from 3.8 million a year earlier.

Shares in NLMK were up 1.5 percent in Moscow, outperforming the Metals and Mining index which was up 0.9 percent. (Reporting by Polina Devitt and Svetlana Burmistrova; editing by Jason Neely)

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