Russian steel maker NLMK Group has reported EBITDA of USD 1.8 billion in 2021, with an EBITDA margin of 38%. Revenue increased by 75% YoY to USD 16.2 billion due to higher sales prices on all key markets, which was partially offset by the decrease in sales to external markets as slab supplies were redistributed to NLMK USA. Steel output increased to 17.4 million tonnes, up 10% YoY, as overhauls were completed at NLMK Lipetsk BF and BOF operations and as output grew in the Long Products and NLMK USA segments.Sales totalled 16.8 million tonnes, down 4% YoY. The year-on-year decrease is due to the renewal of intragroup slab supplies to NLMK USA (1.3 million tonnes,) amid a strong demand trend in the region (in 2020, NLMK USA flats were produced using slabs from external markets), an increase in inventory of NLMK slabs in ports following the structural output growth, and normalization of the Russian sites finished product stocks from the low baseline of 2020, caused by feverish demand. Sales of commercial pig iron decreased due to higher consumption of pig iron for steelmaking. An offsetting factor was the increase in sales of NLMK USA finished products and rebar from the Russian sites.Sales mix: sales of semi-finished products to third parties decreased by 20% YoY as slab supplies to NLMK USA and NLMK DanSteel grew. Slab shipments to NBH stood at 1.7 million tonnes, down 19% YoY due to the upgrade of the NLMK La Louvtere hot strip mill in HI 2021. Sales of finished products grew by 6% YoY to 11.2 million tonnes.Sales in NLMK's "home" markets increased by 6% YoY to 11.4 million tonnes, as steel consumption in Russia and the US grew. Sales in export markets were down by 22%YoY to 5.2 million tonnes, due to the high baseline of 2020, when supplies were redirected to export markets.