Russian steelmaker Severstal has announced its financial and operational results for the third quarter and the first nine months of the current year.
Accordingly, in the third quarter this year, Severstal registered a net profit of $1.24 billion, increasing by nine percent compared to the previous quarter, while its sales revenues increased by nine percent compared to the first quarter to $3.21 billion, due to higher sales volumes and the increase in weighted average steel prices.
In the first nine months, the company registered a net profit of $3.09 billion, compared to $630 million in the same period last year, while its sales revenues increased by 63 percent year on year to $8.37 billion, due to higher steel prices.
Severstal’s EBITDA moved up by 165.0 percent year on year to $4.53 billion in the first nine months this year, due to higher steel prices. Meanwhile, the company’s EBITDA margin in the given period was 54.0 percent, reaching a record high, compared to 33 percent in the same period last year.
In the first nine months this year, Severstal’s crude steel output totaled 8.61 million mt, up by one percent year on year, driven by the commissioning of the electric arc furnace No. 1 in April this year. The company’s pig iron production in the given period totaled 8.03 million mt, up by 12 percent year on year, following the launch of blast furnace No. 3 in December last year.
In the January-September period, Severstal’s steel sales totaled eight million mt, up by one percent year on year, while the company’s sales of semi-finished products quadrupled year on year to 1.07 million mt, following higher outputs of pig iron and crude steel.