In the first half of 2020, Severstal Distribution Group increased sales by 8% year-on-year to 1.3 million tonnes, Severstal informed.
Sales in Russia increased by 4% to 580,000 tonnes. The growth was mainly driven by an increase in the available warehouse space following the acquisition of a warehouse complex in Vologda at the end of 2019, and the launch of another coil steel slitting line at the company's metal service center in Cherepovets.
Sales of SIA Severtal Distribution to Europe increased by 13% to 740,000 tonnes.
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.
Severstal's IFRS net profit for 1H 2020 dropped by 48.7% to $463 million from $903 million a year earlier, revenue by 20% to $3.367 billion from $4.208 billion, EBITDA shrank by 25.4% to $1.056 billion from $1.416 billion.
