Russia's third largest steel producer Novolipetsk Steel (NLMK) made a second quarter 2010 net profit of $459 million to US GAAP, turning around a $49 million loss in the second quarter of 2009, the company said on Monday.
January-June net profit amounted to $590 million after a $243 million loss in the same period of 2009.
NLMK's second quarter revenue rose 70 percent to $2.156 billion, above analysts' forecasts of $2.183 billion. Revenue for the first half reached $3.853 billion.
EBITDA amounted to $774 million in the second quarter, up from $386 million in the first quarter of 2010.
The firm attributed the improved results to an increase in domestic sales, whilst costs were held down to first quarter levels.
NLMK expects excessive capacity in the market to hold prices down in the next quarter.
RIA Novosti
