Severstal group, one of the largest global steel producers, has announced weaker financial results for 2019.
The company’s net profit in 2019 decreased by 13.8 percent year on year to $1.77 billion, according to the official statement. In the meantime, its sales revenue for the year weakened by five percent year on year to $8.16 billion amid unfavorable market pricing, SteelOrbis understands. This was partially compensated by increased sales volumes via the company’s distribution network following a change in the product mix.
Meanwhile, the company’s EBITDA in the given period amounted to $2.805 billion, falling by 11 percent year on year, SteelOrbis has learned.