Evraz anticipates improved demand in 2011

The Russian mining and steel producer Evraz Group has stated that in 2011 it expects Russian demand for construction steel to increase by more than 10 percent year on year, with demand also improving from its international markets as the global economy continues to recover.
 
In 2010, Evraz registered a net profit of $532 million compared to a net loss of $292 million in 2009, while its revenues increased by 37 percent year on year to $13.4 billion, due to increased sales and output and stronger steel prices. Evraz's adjusted EBITDA in 2010 went up by 90 percent year on year to $2.35 billion.
 
Evraz's capital expenditure (capex) amounted to $832 million in 2010, up from $441 million in 2009, while in 2011 it is expected to increase further to about $1.2 billion.
 
In Q1 2011, Evraz expects its EBITDA to be in the range of $725-800 million.