Severstal IFRS net profit rockets $3.1 bln in Jan–Sep

MOSCOW, Oct 18 (PRIME) -- The net profit of Russian steel producer Severstal increased almost five-fold on the year to U.S. $3.097 billion in January–September, as calculated under the International Financial Reporting Standards (IFRS), the company said in a  report on Monday.

Revenue increased 63% to $8.371 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled to $4.532 billion and the EBITDA margin increased 54% from 33%.

Free cash flow more than tripled to $2.425 billion.

In July–September, the company’s net profit increased 9% on the quarter to $1.237 billion.  Revenue grew 9% to $3.206 billion and EBITDA rose 5% to $1.723 billion. Free cash flow increased 6% to $992 million.

The company’s net debt stood at $1.534 billion as of September 30.

Severstal’s steel output grew 1% on the year to 8.615 million tonnes in January–September. Cast iron output rose 12% to 8.029 million tonnes. Sales of steel products fell 1% to 8.002 million tonnes.

In July–September, production of steel rose 4% on the quarter to 2.878 million tonnes and of cast iron rose 4% to 2.728 million tonnes. Sales of steel products rose 1% to 2.694 million tonnes in the period.

For more details, click the link below:

https://www.severstal.com/eng/media/news/document74956.phtml

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