NLMK unveils 44% 1H 2008 Net Profit jump

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Russian steelmaker NLMK has reported a H1 2008 Net profit of $1.53 billion under US GAAP, up 44% on the same period 2007.

EBITDA came in at $2.31 billion, up 47%, on revenues of $5.88 billion, up 63%. 

The company attributes the strong results to a strong pricing environment in its key markets, acquisitions, and organic growth.  It’s expecting further growth for the full year with continued robust demand for steel, particularly in Russia on the back of booming residential and infrastructure expenditure, and is forecasting Full year EBITDA of more than $5 billion and Revenues of more than $14 billion.