Russian steelmaker, NLMK, has posted a 1Q 2009 Net Loss of $193.8 million under U.S. GAAP.

The bottom line is a sharp turnaround from the Net Profit of $617 million posted for 1Q 2008, but a marked improvement on the Net Loss of $480 million posted for 4Q 2008. EBITDA for the Quarter was down 77% year on year to $196.7 million, on the back of Revenues of $1.293 billion, down 45% year on year.

The 1Q results reflect the slump in steel demand which hit global markets in the second half of 2008, with sales and prices both lower, according to CFO Galina Aglyamova.

“In Q1 2009, market conditions in our core markets remained subdued, which, coupled with lower sales volumes, adversely impacted our financial results. However, these negative factors were partially offset by lower production costs driven by a decrease in raw materials prices, management efforts taken to reduce overall costs and to increase production efficiency.”

NLMK added that although it isn’t expecting any upturn in 2Q 2009 it is anticipating some rebound in demand in 2H 2009, as global stimulus measures begin to take effect. More positively for the company, production has increased, with 2Q production expected to be up 25% quarter on quarter.