Manage episode 156747524 series 1198916
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|In 2011 the Group’s revenue grew 40% to $11.7 billion driven by increased sales and a better product mix. At the same time our profitability was not immune to the overall deterioration in the steel market as the European financial crisis hit a new peak in H2 2011, and the Russian segment’s costs grew c.20%. Our EBITDA narrowed by 3% year-on-year and totaled $2.3 billion. EBITDA margin was 19.5%, while net profit increased 8% to $1.4 billion.|
In H1 2011 the Company paid interim dividends in the amount of $264 million, or c. 30% of the Group’s net profit for the period.
In 2011 the Group continued executing its growth strategy. Our annual crude steel output increased to a record 12 m t. Finished rolled steel production increased by 24% to 8.8 m t, including 2.4 m t produced at our international businesses, including the European and North America operations acquired in 2011.
In 2011 NLMK invested over $2 billion into new and existing production facilities. We launched a new BF#7 and a new BOF at our Lipetsk site, increasing our crude steel production capacity by a third. This new project was the largest incremental increase in steelmaking capacity in the Russian steel industry over the last 25 years. Following the acquisition of rolling assets in the EU and USA in H2 our Company doubled its slab processing capacities into finished flat steel.
NLMK’s financial standing remains one of the most sustainable among steelmaking companies, and in 2011 the three leading credit agencies upgraded NLMK’s rating to investment grade.
In 2012 we plan to increase crude steel output to over 15 mt on the back of incremental capacity growth thus becoming the largest steel producer in Russia. In the midterm we expect a gradual improvement in our financial performance as we improve the operating efficiency at the newly launched facilities in Russia and reduce costs at our international assets, as well as strengthen upstream vertical integration at our domestic operations. The amount of 2012 investments will total $1.7 billion.