Severstal 9-month profit down 54.8%

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AK&M 22 October 2020 23:12

Profit earned by Severstal for the first 9 months of 2020 dropped by 54.8% to $630 million from $1.39 billion a year earlier. Revenue decreased by 17% to $5.24 billion from $6.32 billion, EBITDA fell by 22.3% to $1.7 billion from $2.2 billion, the company informed.

The lower revenue resulted from weaker steel product pricing dynamics and lower sales volumes in the period.

PAO Severstal (LSE: SVST, tax number: 3528000597) is an international mining and metallurgical company focusing on high value added products. The company has considerable experience of acquisitions and integrations of assets in North America and Europe. It also possesses mining enterprises in Russia providing the company's production assets with feed stock.