MOSCOW, December 7 (RIA Novosti) - Novolipetsk Steel [RTS: NLMK] said Thursday its net profit calculated to US GAAP increased 61.1% year-on-year in the first nine months of 2006, to $1.68 billion.
Novolipetsk Steel, one of Russia's largest steel and rolled stock producers, said sales in the reporting period rose 29.6% to $4.36 billion.
The company, based in Lipetsk in Central Russia, also said its gross profit climbed 27.1% to $2.05 billion, while operating profit gained 18.3% to $1.67 billion.
The integrated steel-making company produces pig iron, slabs, hot-rolled, cold-rolled, galvanized, pre-painted, and grain- and non-grain-oriented steel.
Vladimir Lisin, the chairman of the company's board of directors, controls 89.85% of Novolipetsk Steel's stock.
