Severstal’s sales revenues down 22.9 percent in 2015

Wednesday, 03 February 2016 12:53:02 (GMT+3)   |   Istanbul
       

Russian steelmaker Severstal has announced its financial results for the fourth quarter and the full year of 2015. Accordingly, in the fourth quarter Severstal registered a net loss of $114 million compared to a net loss of $130 million in the third quarter. In the full year, the company recorded a net profit of $562 million, compared to a net loss of $795 million in 2014.

In the last quarter of 2015, Severstal's sales revenues decreased by 16.1 percent quarter on quarter to $1.396 billion. This primarily reflects a further decline in average selling prices and seasonally weaker sales volumes at Russian Steel. The decline was partially offset by an improved performance within the Resources division.

Severstal's sales revenues for 2015 amounted to $6.396 billion, down 22.9 percent compared to the previous year as a result of lower realized prices year on year at Russian Steel and Resources, which was only partially mitigated by an increase in sales volumes year on year.

At the same time, Severstal's EBITDA in 2015 decreased by 5.2 percent year on year to $2.096 billion, while its EBITDA margin for the year was 32.8 percent, up from 26.7 percent recorded in 2014

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