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MOSCOW, Oct 16 (Reuters) - Russia’s biggest steelmaker, NLMK , reported on Monday an 8 percent increase in third-quarter output from a year earlier to 4.4 million tonnes due to higher demand in the Russian market and growth in global steel prices.
Russian steelmakers are recovering from a two-year downturn as global prices improve and the Russian economy rebounds from a slowdown sparked by sanctions and weakened oil prices.
The steelmaker, controlled by Russian billionaire Vladimir Lisin, said third-quarter sales rose by 1 percent both year-on-year and quarter-on-quarter to 4.2 million tonnes.
Its Russian peers - Severstal and MMK - also boosted their sales in July-September compared with a year ago by 8 percent and 11 percent, respectively.
NLMK said its Black Sea export steel product prices rose by 39-43 percent year-on-year on a free-on-board (FOB) basis, while in the Russian market, prices for flat steel were up 3-12 percent and prices for rebar increased by 8 percent.
NLMK plans to report its third-quarter financial results on Oct. 27.
Investment bank BCS said in a recent note that it expected NLMK to report marginally positive third-quarter financial results and expected NLMK to give a neutral guidance for the fourth quarter as high export steel prices should be partly offset by increased coking coal prices.
NLMK shares were up 1 percent at 134.31 roubles at 0725 GMT, outperforming Moscow’s benchmark MICEX index, which was up 0.3 percent. (Reporting by Diana Asonova and Polina Devitt; Writing by Polina Devitt; Editing by Gabrielle Tetrault-Farber)