On May 17, Russia-based Severstal, one of the world's leading vertically integrated steel and mining companies, announced its financial results for the first three months of the current year.
In Q1 this year, the company's net profit reached $531 million, compared to a net loss of $785 million in Q1 2010 and a net loss of $352 million in Q4 2010. Also in Q1 2011, Severstal's revenue increased by 36 percent year on year, reaching $3.727 billion, against $2.742 billion in Q1 2010.
Alexey Mordashov, CEO of Severstal, commented, "In Q1, we focused on increasing profitability by selling more value-added products. Despite the growth of raw material prices, EBITA margin increased to 25.1 percent as a result of our vertical integration and improved steel assets structure. We expect further improvement in our operating and financial performance in Q2 2011 and are confident about our full-year outlook."