Evraz sees improved financial results in H1 amid higher coal and steel prices

Thursday, 10 August 2017 17:12:34 (GMT+3)   |   Istanbul
       

Russian mining and steel producing company Evraz Group has announced its unaudited interim results for the six months of the current year.

In the given period, Evraz registered consolidated revenues of about $5.10 billion, rising by 44.1 percent compared to the same period last year. The consolidated EBITDA of Evraz for the first six months this year was $1.15 billion, up 99.7 percent year on year, due to higher coal and steel product prices, accompanied by the effects of cost-cutting initiatives. In the given period, the group's net profit amounted to $86 million, compared to a net profit of $7 million in the same period of 2016.

Evraz stated that it expects its full-year results for the current year to reflect the positive trends in the global steel market. In the second half of the year, Russian steel demand is forecast to rise compared with the first half. Domestic prices are expected to follow international benchmarks. In addition, North American steel demand is projected to remain strong, especially given the recovery in oil and gas activity.


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