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. Last Updated: 07/27/2016

NLMK Posts Suprise Q2 Loss of $49M

Novolipetsk Steel, the country’s fourth-largest steel maker by volume, announced an unexpected second-quarter net loss of $49.1 million on Friday, as the effects of a worldwide slump in steel demand weighed on sales.

Billionaire Vladimir Lisin’s Novolipetsk, or NLMK, said it expected a significant improvement in the third quarter as steel production would grow 8 percent from the second quarter.

“In the second half of 2009, our financial performance will improve, primarily driven by increased sales volumes and an improved pricing environment,” NLMK chief financial officer Galina Aglyamova said in a statement.

NLMK said full-year steel production would reach 10.5 million tons, the same level as last year and 4 percent more than previously planned.