Novolipetsk Steel (NLMK) reported a 45.6% year-on-year drop in net profit for the first half of 2026, signaling continued pressure on Russia’s largest steelmaker.
Under International Financial Reporting Standards (IFRS), the company’s net profit fell to 20.5 billion rubles ($256 million), down from 44.9 billion rubles in the same period last year.
6% to $4.8 billion. The results underscore the challenging operating environment for Russian industrial metals producers.
Revenue also contracted, declining 11.6% to $4.8 billion.
The results underscore the challenging operating environment for Russian industrial metals producers.
NLMK’s performance aligns with a broader sectoral downturn, as peer MMK Group recently reported a net loss of 19.1 billion rubles for the first half of 2026, a stark reversal from the 5.6 billion ruble profit recorded in the prior year.
The simultaneous weakness across major players suggests structural headwinds rather than isolated company-specific issues.