On August 20, Russian steel producer Severstal announced the first half financial results of its Latvia-based JV subsidiary Severstallat, which is one of the largest metal working, service and metal trading companies in the Baltic States.
According to the financial results, EBITDA of €2.17 billion was registered by Severstallat in the first half of 2010, compared to a negative reading of the indicator for the first six months of 2009. In the first six months of 2010 the company's turnover was €70.24 billion, increasing by 35 percent year on year.
Higher prices of products coupled with growth in sales contributed to the increase of turnover, Severstallat said, adding that the average price of one hot rolled coil in the North European market during the first half of 2010 went up almost 30 percent compared to the corresponding period of 2009. Meanwhile, in the given period Severstallat's sales tonnage increased by 47 percent year on year.