Russian steelmaker NLMK to elect new boss as CEO steps down

MOSCOW (Reuters) – Russian steelmaker NLMK said on Thursday that CEO Grigory Fedorishin was stepping down and it would elect a new boss, with candidates to be announced in December.

The company said in a statement it had achieved the targets of its 2018-23 strategy cycle and now was a logical time to set new goals. Fedorishin, in charge since 2018, will remain a member of the board.

The company’s previous strategy assumed a positive effect on EBITDA of $1.25 billion, an increase in production at its main site by 1 million metric tons to 14.2 million tons, and an increase in sales of up 18 million tons by 2023 compared to 2018. It did not disclose its performance against each of these targets.

The company stopped reporting its statements under IFRS standards in 2022. This month, it reported net profit of 73.1 billion roubles ($829 million) for the first half of 2023 under Russian accounting standards.

($1 = 88.1490 roubles)

(Reporting by Anastasia Lyrchikova, writing by Mark Trevelyan; Editing by Kevin Liffey)