In Q1 2014, NLMK’s financial results are likely to improve

NLMK’s net profit by US GAAP for 2013 reduced by 68% to $189 million. The main reason for reduction in profit from major activity due to worsening of the market situation and influence in the ratio of amortization allocations by $94 million in 2013. The additional factor was growth in the share of interest expenses taken into account in the report on profits and losses with simultaneous reduction in the share of capitalized interests. One more influencing factor was writing off of delayed tax asset on the foreign segment in Q2 2013, and NBH loss in Q4 2013.