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High steel prices push up Evraz profit

Aug. 15, 2018

In 2018, the global steel market turned better. The Russian mining and vanadium group Evraz said in a semi-annual report released on Thursday that higher steel prices and effective cost reduction measures contributed to the company’s considerable Profit growth.

From January to June 2018, the profit before the Russian steel business interest tax depreciation and amortization rose 65% year-on-year to 1.9 billion US dollars, while the company's revenue in the same period rose 24% year-on-year to 6.3 billion US dollars, the global steel market situation improved significantly during the reporting period.

Evraz has branches in Russia, the United States, Canada, the Czech Republic, Italy and Kazakhstan. The company also announced that it will conduct a second interim dividend, based on 13 cents per share announced in May. The stock also paid a dividend of 40 cents.

“In the first half of 2018, a good global market environment helped the Group achieve very solid financial results,” said Group Chief Executive Alexander Frolov in the semi-annual report. "In the second half of this year, the market situation is expected to remain good, but the possibility of partial price correction is not ruled out."

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