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Novolipetsk Steel, one of Russia's largest steel producers, said Wednesday
Novolipetsk Steel, one of Russia's largest steel producers, said Wednesday its consolidated net profits calculated to US GAAP for the first quarter of 2008 have grown 35% year-on-year to $617.7 million.

EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) grew by 17%, to $875.7 million.

The company said its earnings increased 34% in the same period to $2.4 billion, year-on-year.

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, chairman of the board of directors, controls 84.6% of the company's stock.


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