July 31, 2018 / 8:05 AM / a year ago

Russia's NLMK says Q2 core earnings up 52 pct to ten-year high

MOSCOW, July 31 (Reuters) - Russia’s largest steelmaker NLMK said on Tuesday its core earnings rose 52 percent year-on-year to a 10-year high of $915 million in the second quarter of 2018, beating analysts’ expectations, due in large part to favourable market conditions.

“The widening of steel product/raw material price spreads, an improved product mix, and gains from completed capex projects and operational efficiency programs were the key factors behind the growth of EBITDA this quarter,” NLMK said in a statement.

Year-on-year, net profit jumped 70 percent in the second quarter, to $581 million. (Reporting by Polina Ivanova; Editing by Denis Pinchuk)

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