Russia's PJSC Novolipetsk Steel posted a 39% year-over-year jump in net income for the fourth quarter of 2017 to US$428 million thanks to higher steel prices.
Revenue in the quarter increased 43% on a yearly basis to US$2.82 billion on the back of a 20% improvement in steel product sales to 4.36 million tonnes.
EBITDA in the quarter grew 51% year over year to US$786 million, and free cash flow in the quarter increased 8%, according to a Feb. 20 release.
The company's crude steel output in the fourth quarter increased 2% year over year to 4.3 million tonnes.
In the full year, Novolipetsk's net income surged 55% year over year to US$1.45 billion.
Revenue jumped 32% on a yearly basis to US$10.10 billion on the back of higher average steel product prices, increased sales volumes and growth in share of finished-product sales, which command higher prices than crude steel products.
In the first quarter of 2018, the company expects steel output of 4.2 million tonnes, pressured by the seasonal slowdown in the market and planned maintenance at NLMK Lipetsk.