Evraz Holding Group reports profit increase

Evraz Holding Group reports profit increase

According to recent news in the market, Russian steel producer Evraz Holding reported that net income of its two mills increased by 100-fold last year to $174.2 million due to the rise in steel prices and strong demand. Profit of Nizhny Tagil Iron & Steel Plant increased from $12 million recorded in the previous fiscal year to $65.4 million. The earnings of Zabzip (Western Siberian Iron & Steel Plant) reached $108.8 million from the loss of $10.3 million recorded in the previous fiscal year. Meanwhile Evraz Holding Group is reportedly planning to increase its output to 14 million tons this year. The figure indicates an increase of 1.4% against the output recorded in the previous fiscal year.