In its financial results according to International Financial Reporting Standards (IFRS) for 2019, Russian steelmaker NLMK Group's net profit fell by 40.2 percent year on year to $1.34 billion. The company's sales revenues amounted to $10.55 billion, down 12.4 percent year on year, driven by decreasing steel product prices and lower sales due to major repair works at NLMK Lipetsk’s BF and BOF operations.
In 2019, NLMK Group's EBITDA was $2.56 billion, declining by 28.5 percent year on year, while its EBITDA margin decreased to 24 percent compared to 30 percent recorded in the previous year.
According to NLMK, in the first quarter this year steel output will increase to the level of the first quarter of the previous year after the completion of the plant’s blast furnace and BOF repairs in the last quarter of 2019.