OAO Novolipetsk Steel, Russian billionaire Vladimir Lisin’s steelmaker, forecast a 19 percent drop in third-quarter earnings before interest, tax, depreciation and amortization.
Sales will be about $2.1 billion in the period, the Lipetsk, Russia-based company said in a regulatory filing today. The steelmaker predicted an Ebitda margin of about 30 percent, implying profit on that basis of $630 million, compared with $774 million in the prior quarter.
The drop in profit stems from declines of as much as 15 percent in prices of steel products in the period, Novolipetsk said Oct. 4.
Crude-steel output rose 2.6 percent in the third quarter from the previous three months to 3 million metric tons, Novolipetsk said today. The steelmaker forecast some seasonal decline in domestic demand in the fourth quarter and no significant changes in operating performance, the filing shows.
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