Earnings at Russia's largest steelmaker, Novolipetsk Steel (NLMK), soared by 31% year-on-year in the first quarter of 2018 on favorable pricing conditions and higher export volumes.
NLMK's earnings before interest, taxes, depreciation and amortization (Ebitda) for the three months totaled $812 million, against $618 million in the corresponding period last year, according to its latest financial statement."The widening of steel product/raw material price spreads, gains from completed capex projects, and operational efficiency gains were the key drivers behind the growth of Ebitda to a ten-year high," the company said on Tuesday April 24.In Russia, the steelmaker operates a flat steel complex in Lipetsk, as well as two long steel mills - Nizhniye Sergi in the Sverdlovsk region and another in the Kaluga region.The company also runs flat steel re-rolling...