Evraz H1 earnings up 65% despite lower steel products sales

Earnings at Russian steelmaker Evraz increased by 65.5% year-on-year in the first half of 2018 despite a drop in steel sales volumes, it announced on Thursday August 9.

Evraz’s earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $1.90 billion in January-June 2018, compared with $1.15 billion over the corresponding period in 2017. This boosted the company’s Ebitda margin to 30.0% from 22.6%. The earnings rise was supported by higher steel product prices, lower expenses in US dollar terms because of the weakening rouble, and the effects on operational efficiency of cost-cutting initiatives, the company said. Evraz produces railway products, construction materials and steel pipe, as well as iron ore and coal steelmaking raw materials, and a range of vanadium products. It has operations across Russia and North America, and in Europe. Earnings from the steel business added $1.26 billion to the Ebitda total, which was more than double the total for the first half of...

Published

Vlada Novokreshchenova

August 10, 2018

14:40 GMT

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