MOSCOW, August 20. /TASS/. The net profit of Novolipetsk Steel (NLMK) under the International Financial Reporting Standards (IFRS) plummeted by 45% during the first six months of this year to 44.9 bln rubles ($558.3 mln), the Russian steelmaker said in its report.

Revenues lost 15.3% in the first half of this year to 438.7 bln rubles ($5.5 bln). The gross profit fell by 37.5% to 137.3 bln rubles ($1.7 bln).

The NLMK Group is one of the largest steelmakers in Russia and the vertically integrated metals company.