Evraz posts higher revenues for H1

Friday, 06 August 2021 12:00:24 (GMT+3)   |   Istanbul
       

Russian mining and steel producing company Evraz Group has announced its financial results for the first half of 2021.

In the first half this year, Evraz registered a consolidated sales revenue of $6.18 billion, rising by 24.1 percent compared with $4.98 billion in the first half of 2020. In the same period, the group registered a net profit of $1.21 billion, compared to a net profit of $513 million in the same period of the previous year.

The consolidated EBITDA of Evraz for the given period this year was $2.08 billion, up by 94.3 percent year on year, due to higher vanadium, coal and steel product prices. EBITDA margin rose to 33.7 percent in the first half this year, from 21.5 percent in the corresponding period of 2020.

In the given period, Evraz’s capital expenditure spent on maintenance and development projects increased to $430 million, up by 27.6 percent year on year.

According to Evraz, the recovery in the global steel market observed since the second half of 2020 accelerated in the first half this year. Activity in steel-consuming industries continued to return to pre-pandemic levels, driving steel prices and demand.

In the second half this year, Evraz expects the global markets to remain fairly healthy, despite a possible correction in steel prices.


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