Russian steelmaker Severstal has announced its financial results for the third quarter and the first nine months of 2014. Accordingly, in the third quarter Severstal registered a net loss of $45 million, compared to a net loss of $661 million in the second quarter of this year. In the third quarter of the current year, Severstal's sales revenues increased by 2.4 percent quarter on quarter to $2.24 billion, driven by further improvements at Russian Steel on the back of a higher share of high value-added (HVA) product sales coupled with a marginal price increase.
During the first nine months, Severstal registered a net loss of $807 million, compared to a net profit of $157 million in the same period of last year, while the company's revenues saw a decrease of nine percent year on year to $6.418 billion, as Russian Steel and Resources experienced lower realized prices and sales volumes.
Severstal's EBITDA in the first nine months increased by 23.2 percent year on year to $1.601 billion, driven by strong results from Russian Steel on the back of operational enhancements and lower input costs, while its EBITDA margin for the given period was 24.9 percent, down from 18.4 percent recorded in the corresponding period of 2013.