The Russian steel producer Severstal has announced its financial figures for 2008.
Accordingly, in 2008 Severstal's revenue increased by 44.4 percent year on year to $22.393 billion, due to the strong demand in the first nine months of the year and to the consolidation of the company's assets in North America. Severstal's sales increased in value by 52.3 percent to $16.486 billion, its operational profits rose by 50.6 percent to $4.226 billion, its net profit went up by 9.9 percent to $2.034 billion, while its EBITDA increased by 45.5 percent to $5.366 billion, all compared to the data for 2007.
Commenting on the results for FY 2008, Severstal CEO Alexey Mordashov stated, "Severstal achieved good results in 2008 as we benefited from volume growth, price increases and margin improvement. However, the unprecedented slump across all our markets in the last quarter has resulted in weakening demand for steel and subsequent falling prices."