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History of NLMK Steel - Company Profile

NLMK Profile (Novolipetsk Steel) History of NLMK

NLMK is a vertically integrated steel company with the assets spanning from upstream operations through to downstream niche product areas. Producing 16 million tonnes of crude steel, NLMK ranked as the #23 steelmaker in the world in 2022.

NLMK Steel Group Timeline

  • Soviet Foundation (1931-1947): Construction of iron & steel plant began at Lipetsk, pig iron production commenced 1934, plant dismantled and evacuated to Chelyabinsk during WWII, post-war reconstruction completed
  • Industrial Development (1957-1983): World's first 100% continuous casting with EAF steelmaking, introduced BOF technology with continuous casting, renamed from Novolipetsk Iron & Steel Works to Novolipetsk Steel
  • Privatisation Era (1991-1999): Commissioned Russia's first organic coating line, transformed into open joint stock company, employee ownership privatisation, Vladimir Lisin became Chairman, acquired Dolomit and Stagdok operations
  • Public Listing & Growth (2001-2007): Commissioned HDG line, acquired Stoilensky GOK for iron ore self-sufficiency, London Stock Exchange listing, purchased DanSteel Denmark, created NLMK/Duferco joint venture, acquired Maxi-Group
  • International Expansion (2008-2016): Purchased Beta Steel USA, created Long Products subsidiary, acquired National Laminations India, bought out Duferco JV for $600m, commissioned new generation blast furnace #7, opened Kaluga mini-mill, built Stoilensky pellet plant
  • Modern Diversification (2018-2024): Opened South Africa service centre, launched €150m Belgium hot strip mill upgrade, built India electrical steel plant, integrated Dansteel into Belgium holdings, elected new CEO Sergey Karataev, faced Ukrainian drone attacks
  • Falling Profits (2025-2026): H1 2025 net profit down 45% on weaker sales, further 45.6% profit fall in H1 2026 amid weak Russian steel market
Timeline shows transformation from Soviet state enterprise to modern international steel producer through strategic vertical integration and geographic diversification. Demonstrates successful privatisation model with technological leadership in continuous casting and global market expansion despite geopolitical challenges.

The timeline below covers the history of the firm.

  • 1931: Construction of iron & steel plant began at Lipetsk.
  • 1934: Production starts of pig iron at Novolipetsk Works.
  • 1941: BF & power plant dismantled; evacuated to Chelyabinsk.
  • 1947: Post-war reconstruction of Lipetsk plant.
  • 1957: Commissioning of EAF steel shop with continuous casting.
  • 1966: BOF & continuous casting used together at Lipetsk.
  • 1983: Novolipetsk Iron & Steel Works renamed Novolipetsk Steel.
  • 1991: Russia's first organic coating line commissioned at NLMK.
  • 1992: NLMK is transformed into an open joint stock company.
  • 1993: Privatisation of NLMK begins - employee ownership.
  • 1997: Acquisition of OJSC Dolomit - dolomite processing.
  • 1998: Vladimir Lisin becomes Chairman of the Board.
  • 1999: Purchase of OJSC Stagdok, miner & processor of limestone.
  • 2001: Commissioning of NLMK continuous hot dip galvanising line.
  • 2004: Acquisition of Stoilensky GOK iron ore business.
  • 2005: NLMK acquires license to develop Zhernovskoe-1 coal deposit.
  • 2005: Successful listing on the London Stock Exchange.
  • 2006: NLMK acquires DanSteel - Danish producer of thick plate.
  • 2006: Purchase of entire share capital of Prokoyevskugol Coal.
  • 2006: Buys Altai-koks [for 100% self-sufficiency in coke].
  • 2006: NLMK acquires VIZ-Stal (electrical steel production).
  • 2006: Creation of NLMK / Duferco Group joint venture.
  • 2007: Completes disposal of its 50.08% stake in Lipestkcombank for USD $44 million.
  • 2007: Acquisition by NLMK/Duferco JV of Sharon Coating in USA.
  • 2007: NLMK acquires ~50% share in Maxi-Group.
  • 2008: Purchase of Beta Steel - US-based manufacturer of HRC.
  • 2009: Reorganisation and creation of NLMK Long Products subsidiary.
  • 2011: Acqn of National Laminations: Indian electrical steel SSC.
  • 2011: NLMK buys out Duferco steel joint venture for $600 million.
  • 2012: NLMK Commissions new generation blast furnace #7.
  • 2012: New 75kt/year cold rolling mill commissioned at VIZ-Stal.
  • 2013: New 1.5 mt mini-mill opens at Kaluga, near Moscow.
  • 2013: NLMK installs PCI at its blast furnaces at Novolipetsk.
  • 2014: Cancels plan to raise $400m loan, as capex falls.
  • 2015: Opens call centre for domestic and international clients.
  • 2015: Commences work on new hot dip galvanising line [HDG-5] at Novolipetsk.
  • 2016: Construction of Stoilensky 6 mt/year pelletising plant.
  • 2018: NLMK Group opens service centre in South Africa.
  • 2019: Launches 150 million Euro hot strip mill upgrade in Belgium.
  • 2020: NLMK Group launches new collaborative startup portal.
  • 2020: Opens R&D centre in Lipetsk for product innovation.
  • 2021: Announces construction of greenfield electrical sheet steel plant in India.
  • 2022: Integrates Dansteel into NLMK Belgium Holdings (NBH).
  • 2023: Launches new anti-bacterial coated steel.
  • 2023: Sells long product assets to IMH affiliate Promsort.
  • 2024: Sergey Karataev elected CEO of NLMK Group.
  • 2024: NLMK encounters repeated drone attacks; some damage reported.
  • 2024: In discussions with Cleveland-Cliffs on purchase of NLMK's US plants.
  • 2025: Reports first half net profit decline of 45% to $558 million.
  • 2026: H1 2026 net profit falls by 45.6% as revenues decline.

Notes
  • Lipetsk plant was the first in the world in 1957 to adopt 100% continuous casting technology.
  • Up until December 1992, NLMK was a State-owned enterprise.
  • Purchase by NLMK in 2004 of Stoilensky GOK ensured the Company’s 100% self-sufficiency in iron ore.
  • 2011 deal to purchase a 50% interest in Steel Invest and Finance ('SIF') from Duferco Group resulted in SIF becoming a 100% owned subsidiary of NLMK.
  • New 3.4 mtpy blast furnace #7 commissioned in July 2012 at a project cost of RUR 43 billion was the first blast furnace to have been built in Russia for 25 years.
  • VIZ-Stal is NLMK's electrical steel production plant, based in Yekaterinburg, Russia.
  • 2014: NLMK cancelled its request for a syndicated loan of around $400 million after cutting its capital expenditure plans as EU and US sanctions against Russia started to bite, according to bankers' comments made in mid-2014.
  • 2016: It took approx. 2 years to build the high-tech pellet plant facility at Stoilensky (Stary Oskol, in the Belgorod region). Work began in 2014 and required a total investment of ~$680 million (or 34 bn rubles). The new 6 mt/year pellet plant will enable NLMK Group to minimise its dependence on third-party pellet suppliers and will significantly reduce the cost of raw materials for the Lipetsk blast furnace operations.
  • 2018: NLMK South Africa is to supply abrasion-resistant (NLMK Quard) and high-strength (NLMK Quend) thick plates produced at NLMK Clabecq in Belgium.
  • 2019: NLMK La Louviere, a producers of flat steel coils in Belgium and an NLMK Group subsidiary, embarked on a 150 million Euro project to revamp its hot strip mill, expanding into production of thinner, stronger and more environmentally friendly steel. The investment is a part of the NLMK Group Strategy 2022. With this upgrade NLMK La Louviere will increase production from 1.7 mt to 2.2 mt by 2022; taking a bigger share of the EU HRC market. The hot strip mill upgrade includes investment in a state-of-the art automation system; three new and three upgraded roll mill stands; new drives and motors; as well as a new run-out table, modernised cooling and water systems.
  • 2020: New NLMK start-up portal is a collaborative platform for metal industry developers to get hands-on peer reviews of new projects' business potential. The project focus is steelmaking efficiency, repair and maintenance practices, logistics, energy, environmental, and other processes relating to steel plant operations.
  • 2020: New research and development laboratory will focus on microstructure analysis and facilitate the development of new steel grades and products for the automotive, energy and construction sectors.
  • 2021: New electrical steel plant for production of grain-oriented steels in Maharashtra to be commissioned in the first half of 2022. The plant will have a finished steel capacity of approximately 64,000 tonnes per year.
  • 2022: NBH is a Belgium-based joint venture between the public entity SOGEPA and the NLMK Group. The firm is a leading supplier of premium steel plate products for the wind-energy segment in Europe. SOGEPA (Société wallonne de Gestion et de Participations S.A.) is a Belgian investment fund.
  • 2023: NLMK's novel antibacterial coating is intended for use in food industry and healthcare applications.
  • 2023: Long product assets sold to Promsort included NLMK-Kaluga (which owns NLMK-Sort and NLMK-Metis) as well as Vtorchermet NLMK.
  • 2024: Sergey Karataev was elected as NLMK Group President and CEO (Chairman of the Management Board).
  • 2024: Ukrainian drone attacks commenced mid-June. Air separation unit was reportedly hit.
  • 2024: NLMK production assets in the USA include the production plant in Pennsylvania which produces hot and cold rolled coils and galvanised products; and steelmaking facilities in Indiana which process slabs into coils and specialises in the supply of steel plates to the energy, agriculture, construction and automotive sectors.
  • 2025: First half net profit decline of 45% was accompanied by a 15% drop in sales revenues to $5.44 billion.
  • 2026: NLMK's H1 2026 IFRS net profit fell 45.6% year-on-year to RUB 20.5 billion, from RUB 44.9 billion, while revenue fell 11.6% to RUB 387.7 billion. Vladimir Lisin controls 79.3% of the company through Fletcher Group Holdings.