About the company NLMK
Security pageNLMK is one of the largest steel producers in Russia, built around the Novolipetsk Metallurgical Combine. The group's distinguishing feature is a split production chain: the steel is smelted in Russia, while part of the finished rolled product is made at plants abroad. The shares trade on the Moscow Exchange under the ticker NLMK.
What the company does
The company makes steel and rolled products under a model the industry calls international integration: the semi-finished product — the slab — is produced at the Russian site, where raw materials and energy are cheap, and it is rolled into finished sheet by plants in Europe and the United States, closer to the customer. This model gives access to high-priced markets without building a full production cycle there.
Production costs are supported by the company's own ore base: a significant part of its iron ore requirement is covered by its own mining and processing plant.
As across the whole of ferrous metallurgy, demand is cyclical and is driven by construction, pipeline projects and machine building. Swings in profit are therefore the norm for the industry here, not a sign of problems at a particular company.
Business lines
Flat products
The core output: hot-rolled and cold-rolled sheet, galvanised steel, coated steel.
Long products
Rebar and metalware for construction.
Raw material mining
An iron ore mining and processing plant that covers a significant part of the group's requirement.
Foreign assets
Rolling capacity outside Russia that runs on Russian semi-finished steel.
History
- 1934The Novolipetsk Metallurgical Plant is launched.
- 1993Conversion into a joint-stock company.
- 2000-еPurchase of rolling assets in Europe and the United States — the international chain takes shape.
- 2005The shares are listed on the exchange.
- 2022Sanctions and duties are changing the operating conditions for the foreign assets and for export shipments.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- One of the lowest steelmaking costs in the industry.
- Modern equipment and high capacity utilisation.
- Its own iron ore supply.
Weaknesses
- The heaviest dependence on exports among its competitors, and exports are exactly what the restrictions hit.
- The foreign assets operate under sanctions pressure.
- Transparency has declined: disclosure has become less detailed.
Opportunities
- In-house raw materials protect the margin when ore prices rise.
- Domestic demand is supported by infrastructure construction and machine building.
- Coated products carry more added value than basic rolled steel.
- Upgrading the facilities lowers energy consumption per tonne.
Threats
- Restrictions on shipments of semi-finished steel abroad call the international production model into question.
- Demand for steel is cyclical and falls together with construction.
- Export duties and the tax burden on the industry are being revised by the state.
- Competition from local producers in Asian markets is intense.
Frequently asked questions
What does NLMK do?
The company smelts steel and turns it into rolled products — sheet, galvanised steel, coated steel, rebar. Part of the finished output is made at the group's foreign plants from Russian semi-finished steel.
What is a slab and why is it shipped abroad?
A slab is a semi-finished steel product with a rectangular cross-section. It pays to smelt it where raw materials and energy are cheap, and to roll it into finished sheet closer to the customer. This is how the company gains access to high-priced markets without building a full production cycle there.
Why do steelmakers' profits swing from year to year?
Demand for steel is driven by construction and industry, and both are cyclical. In an upturn both orders and prices rise; in a downturn both fall, while costs come down more slowly.
Issuer profile
What the company does
The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 4823006703. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 1 security listed: 1 share class. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Dividend history
Between 2015 and 2024 the issuer made 27 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 25.43 ₽ per security with a record date of 27 May 2024. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 831.40B ₽.
That is 15.1 % less than in 2024, when revenue was 979.60B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 63.10B ₽.
Of every unit of revenue, 7.6 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 884.30B ₽ against total assets of 1.13T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.