High steel prices boosted Evraz 's profits

  • Wednesday, August 15, 2018
  • Source:ferro-alloys.com

  • Keywords:Evraz
[Fellow][ferro-alloys.com] High steel prices boosted Evraz 's profits

[ferro-alloys.com] Global steel markets have improved in 2018. Evraz, the Russian mining and vanadium group, reported in its semiannual report on Thursday that higher steel prices and effective cost-cutting measures have contributed to the company's considerable profit growth.

From January to June 2018, the Russian steel company's earnings before interest, tax, depreciation and amortization rose 65 percent to $1.9 billion from a year earlier, while the company's revenue in the same period rose 24 percent to $6.3 billion from a year earlier. During the reporting period, the situation in the global steel market significantly improved.

Evraz has subsidiaries in Russia, the United States, Canada, the Czech republic, Italy and Kazakhstan.

"Good global market conditions helped the group achieve very solid financial results in the first half of 2018." Group chief executive Alexander Frolov said in a semi-annual report." Market conditions are expected to remain good in the second half of the year, but a partial price correction is not ruled out".

  • [Editor:Wang Linyan]

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