The Russian steelmaker Evraz Group (Evraz) has announced its preliminary financial results for 2006.
Accordingly, Evraz's consolidated revenues increased by 27.4 percent, adjusted EBITDA went up by 42.7 percent, profit from operations rose by 45.3 percent and net profit increased by 50.9 percent year on year in 2006. The respective figures in million US dollars were 8.2, 2.6, 2.3, and 1.4.
The company emphasized in its press release that its strong growth in revenues was mainly accomplished due to increased steel sales volumes combined with the upward price trends in the world market.
Commenting on the results, Evraz's chairman and CEO Alexander Frolov said, ’“Fiscal 2006 was the best year in the history of the Evraz Group. It was one of rapid growth with continuing success and we are delighted with this achievement. Steel sales volumes have climbed significantly on the back of an upward price trend in the world steel market that started in the second quarter of 2006, and were supported by growing steel
consumption worldwide. Revenues grew compared to 2005 as the company rationalized
production across all its steel plants. In particular, we realized synergies from the successful integration of our European rolling mill facilities, Palini e Bertoli and Vitkovice Steel, which produce higher value-added products.”