Severstal estimates a revenue increase in 2003
Russian steelmaker
Severstal has released its financial position last week. Accordingly, the revenues are expected to increase by 17% to $2.3 billion in 2003.
The company estimates a pre-tax profit of $784 million, up by 61% while income after tax will raise by 125% to $401 million this year.
Moscow's Alfa-Bank official stated that dividend payment and corporate liability of
Severstal will also rise in 2003. The total dividend payment is anticipated to reach $291 million in 2003 which is four times higher than the dividends paid in 2002.
Company's capital expenditure is going to reach $360 million in 2003 while cash outflow will amount to $700 million.