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One of the largest Russian steel producer "Severstal" returned to profit for the II quarter of 2010. The report prepared in accordance with International Financial Reporting Standards (IFRS) informs. During April-June this year the company earned $192 million compared to a loss of $290 million during the same period a year earlier.
In the previous quarter (January-March 2010) the company received a loss of $ 785 million under IFRS for the I half of the year amounted to $ 593 million, down 38% compared to the same period last year.
Return to the quarterly earnings in the company attributed the increase in production volumes, higher prices for products of the company, as well as reduced costs for raw materials and transportation.
Despite the profits, the Board of Directors of "Severstal" does not recommend the payment of dividends for the II quarter of 2010. Nevertheless, management believes they could resume paying dividends in the foreseeable future.
Revenues in II quarter has decreased by 25% amounting to $ 4.25 billion, while EBITDA amounted to 955 million dollars (compared to negative EBITDA of $ 5 million in April-June last year).
"Severstal" is a vertically integrated steel producer. The company's assets are in Russia, Ukraine, Kazakhstan, Italy, France, the United States and Africa. The company's shares are traded on the Russian RTS and the London Stock Exchange (LSE).
Last year "Severstal" has reduced steel production by 13% - to 16.75 million tons, getting a loss under IFRS amounting to 1.04 billion dollars since the beginning of the same this year, increasing its output against the recovery of world markets.
In the previous quarter (January-March 2010) the company received a loss of $ 785 million under IFRS for the I half of the year amounted to $ 593 million, down 38% compared to the same period last year.
Return to the quarterly earnings in the company attributed the increase in production volumes, higher prices for products of the company, as well as reduced costs for raw materials and transportation.
Despite the profits, the Board of Directors of "Severstal" does not recommend the payment of dividends for the II quarter of 2010. Nevertheless, management believes they could resume paying dividends in the foreseeable future.
Revenues in II quarter has decreased by 25% amounting to $ 4.25 billion, while EBITDA amounted to 955 million dollars (compared to negative EBITDA of $ 5 million in April-June last year).
"Severstal" is a vertically integrated steel producer. The company's assets are in Russia, Ukraine, Kazakhstan, Italy, France, the United States and Africa. The company's shares are traded on the Russian RTS and the London Stock Exchange (LSE).
Last year "Severstal" has reduced steel production by 13% - to 16.75 million tons, getting a loss under IFRS amounting to 1.04 billion dollars since the beginning of the same this year, increasing its output against the recovery of world markets.
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