Severstal returns to profit in 2011

Thursday, 19 April 2012 10:28:03 (GMT+3)   |  
       

Russian steelmaker Severstal has announced its financial results for the fourth quarter and the full year of 2011. Accordingly, in the fourth quarter Severstal's net profit increased by 7.9 percent compared to the previous quarter to $463 million, while in the full year the company's net profit amounted to $2.03 billion, compared to a net loss of $575 million recorded in 2010.
 
In the last quarter of 2011, Severstal's sales revenues decreased by 17.5 percent quarter on quarter to $3.7 billion due to lower sales prices and volumes, while Severstal's revenues for 2011 were recorded at $15.8 billion with an increase of 23.3 percent compared to the previous year. At the same time, its 2011 EBITDA increased 25.1 percent year on year to $3.5 billion and its EBITDA margin for the year was 22.7 percent, up from 22.3 percent recorded in 2010.
 
According to Severstal's statement, the company's performance was supported by growth in steel demand across its key regions including Russia and the United States, as well as by rising iron ore and coking coal prices.

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