Bloomberg News

Novolipetsk Gains to Highest Since 2008 on Profit

April 06, 2010

OAO Novolipetsk Steel advanced to its highest July 2008 after Russia’s largest steelmaker by market value said fourth-quarter profit rose and that it plans to boost production.

The stock gained 4.5 percent to 107.74 rubles at the close in Moscow, its strongest since July 24, 2008.

Profit jumped 80 percent from the previous three months to $294 million on higher steel prices and increased reliance on more-advanced products, the company said today in a statement today. The steelmaker plans to spend more than $4 billion increasing output over the next three years as global demand recovers, Chief Executive Officer Alexey Lapshin said in an interview.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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