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    Novolipetsk Steel 1H06 net profit rises 24.1% to $962 mln

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    MOSCOW, August 16 (RIA Novosti) -- Novolipetsk Steel [RTS: NLMK] said Wednesday its net profit calculated to Russian accounting standards rose 24.1% in the first six months of 2006 year-on-year to 26.04 billion rubles ($962 million).

    The company's revenues remained almost unchanged at 62.6 bln rubles ($2.31 bln) and the company said the sale of a stake in the Lebedin Mining Company in the first quarter had driven the profit increase.

    Novolipetsk Steel is one of Russia's four largest steel and rolled stock producers.

    Chairman Vladimir Lisin controls about 90% of the company's stock.

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