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Severstal records improved performance for H1 [UPDATE]

September 06, 2010 - 12:26 GMT Location: London

KEYWORDS: CIS , Russia , Severstal , North America , Severstal North America , H1 , Ebitda , results

Russian steelmaking group Severstal has recorded first-half earnings before interest, taxes, depreciation and amortisation (Ebitda) of $1.45 billion compared with a loss of $30 million for the corresponding period of 2009

Russian steelmaking group Severstal has recorded first-half earnings before interest, taxes, depreciation and amortisation (Ebitda) of $1.45 billion compared with a loss of $30 million for the corresponding period of 2009. “All divisions [Severstal Russian Steel, Severstal North America and Severstal Resources], benefited from increased production volumes, higher sale prices and enhanced operational efficiency, while absorbing higher raw material, energy and transportation costs,” the group said. Revenue for the six months ending June 30 was up 53.6% year-on-year to $7.39 billion, the company said. The Severstal Russian steel division recorded revenue of $4.07 billion, up from $2.5 billion in the corresponding period last...

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