Support The Moscow Times!

Russian Steelmaker NLMK Expects Record Q1 Profits to Boost Q2 Earnings

NLMK, one of Russia's largest steelmakers, expects higher income in the second quarter of 2014, the company said Tuesday, after reporting a forecast-beating first-quarter net profit of $174 million.

"Demand in key markets remained weak at the beginning of 2014 on the back of the seasonal slowdown in consumer activity," Grigory Fedorishin, NLMK's chief financial officer, said in a statement. "By the end of the first quarter, market conditions improved."

The firm's second-quarter steel production is expected to remain flat, quarter-on-quarter. However, seasonal improvements in demand and costs optimization mean the company expects further growth in its profitability and income, it added.

NLMK, controlled by businessman Vladimir Lisin, reported first-quarter net income of $174 million after a $21 million loss in a previous quarter thanks to a higher profit from operations. The income beat the forecast in Reuters poll of analysts, who had expected it at $103 million.

NLMK said its revenue was at $2.6 billion, up 5 percent quarter-on-quarter.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more