NLMK Stock (NLMK): Reported Results, Dividends and Board Talking Points

Reference page. All figures are dated and attributed. Not investment advice. Last updated: 16 July 2026.

At a glance

NLMK (Novolipetsk Steel, Moscow Exchange ticker NLMK, steel sector) is one of Russia's largest steel producers and a notable maker of electrical (transformer) steel. Its flagship site is in Lipetsk, and the group was historically built around an export-oriented model with rolling assets abroad. The ordinary shares trade on the Moscow Exchange; the foreign GDR programmes have been terminated. The issuer's distinguishing feature is the group's continuing production footprint in Europe, which makes export quotas and trade restrictions a more significant theme for NLMK than for its peers.

This page is a neutral, dated survey of publicly known facts and a synthesis of the themes market participants discuss. It contains no price forecasts and no trading recommendations.

Profile and listing status

• Venue: Moscow Exchange, ticker NLMK (per Moscow Exchange data, as of this page's update date).
• Foreign programmes: the overseas GDR programmes have been terminated.
• Market-wide context: on 12 June 2024 OFAC designated the Moscow Exchange itself, after which the exchange halted trading in US dollars and euros. This is a market-infrastructure fact common to all issuers.

Reported financials (dated)

Per reporting for financial year 2024:

• Revenue was roughly 979.6 billion rubles — up about 4.9% year on year (roughly 933.4 billion rubles a year earlier).
• Profit, however, fell markedly year on year (on the order of −40%), reflecting cost pressure and market conditions.

The industry as a whole operated through 2025 against weak domestic demand, a high key rate and a strong ruble, which squeezed steelmakers' margins (source: NLMK reporting and industry data for the respective periods). Unlike its more domestically oriented peers, part of NLMK's revenue has historically been tied to exports and to its rolling assets abroad, so the EU trade regime and the exchange rate matter to it additionally. The figures cited relate to their reporting periods and do not describe the present moment; check them against the company's official disclosures as of publication date.

European assets and quotas

A theme specific to NLMK is the group's assets in Europe (notably in Belgium, Denmark and Italy) and the import regime for semi-finished steel. The temporary exemption for steel-slab imports into the EU has been extended; per available reporting, the mechanism was prolonged to 30 September 2028 with a progressive reduction in permitted annual volumes. This makes quotas and trade measures a material business factor for this issuer in particular (source: business-press reports and sector disclosures; verify current quota parameters against primary sources).

Dividends

Steelmakers' dividend policies in 2024–2025 generally turned more conservative against weak market conditions and capital programmes. Specific decisions for each reporting period are taken by the board of directors and the general shareholder meeting; always check the current recommendation against the company's official disclosures as of the decision date.

Sanctions context (neutral, dated)

• European Union: import restrictions on certain categories of Russian steel products were introduced in packages starting in 2022, with temporary exemptions in force for some semi-finished products.
• Principal owner: as of 16 July 2026, majority owner V. Lisin is not on the EU, US or UK sanctions lists (though he is designated by Australia, Canada and Ukraine) — unlike the owners of several peer companies. Status re-verified against aggregated sanctions data (OpenSanctions) as of this update; confirm against primary sources as of today's date.

The items above are dated business facts; confirm the current state of restrictions against official EU documents as of today's date.

What retail boards discuss

A synthesis of recurring themes (neutral, without endorsement or advice):

• The fate of the European assets and the slab-import quota regime, including how long the exemptions run.
• Domestic steel demand and capacity utilisation as construction and industrial demand cool.
• The ruble and costs as drivers of export margin.
• Dividend expectations against the industry's more conservative stance.
• The owner's sanctions status and how it differs from the owners of peer companies.

This is a description of discussion themes, not a statement of fact and not a forecast. Retail-board opinions are unverified and are listed here only as a map of the conversation.

How to read issuer forecasts

Estimates for a steel issuer depend on assumptions about domestic demand, steel prices, the ruble and the EU trade regime. Different analysts use different inputs and reach different conclusions. Any estimate is a dated hypothesis, not a fact. It is sounder to compare several sources, note the date of each estimate and rely on official reporting than to anchor on a single target figure. This page deliberately publishes no price targets.

Related Russian issuers

• Severstal — a comparable steel-sector issuer.
• MMK — another large steel producer on the Moscow Exchange.

Disclaimer

This material is a purely informational reference. All figures are dated, attributed to their source type and may become outdated. It is not an individual investment recommendation, an offer or a solicitation to buy or sell any security; it guarantees no outcome and contains no price forecasts. Securities can fall as well as rise in value; past performance does not determine future results. Do your own research before making decisions and consult a licensed financial adviser where appropriate. Verify the currency of all facts against primary sources as of today's date.