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Novolipetsk Steel makes Q4 net profit

Novolipetsk Steel makes Q4 net profit

Russian steelmaker Novolipetsk Steel says it made a net profit of $294 million in the fourth quarter, compared with a loss a year earlier, on the back of strong metals prices.
Russia's third-biggest steelmaker is owned by Vladimir Lisin, who has been listed by several business magazines as the country's richest man with an estimated fortune of $18.8 billion.
In the fourth quarter of 2008 the company posted a $480 million net loss as the industry was weathering its sharpest downturn in a decade.
Compared with the third quarter of 2009, profit was up 80 percent and revenue was up 4 percent to $1.8 billion, the company said Tuesday.


Updated : 2021-05-18 22:01 GMT+08:00