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 $6.34 billion, rising by 24.2 percent compared to the same period last year. The consolidated EBITDA of Evraz for the first six months this year was $1.9 billion, up 65.5 percent year on year, due to higher vanadium, coal and steel products prices, accompanied by the effects of cost-cutting initiatives. In the given period, the group's net profit amounted to $1.14 billion, compared to a net profit of $86 million in the same period of 2017.
Evraz stated that in the second half of this year, it anticipates that market prices could decline, particularly international coal and steel benchmarks. However, the group’s overall financial performance should remain solid, driven by its pipeline of internal improvements and supported by a generally strong pricing environment relative to the average levels seen in the last three years.