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OAO Severstal (MICEX-RTS: CHMF; LSE: SVST), one of the world’s leading vertically integrated steel and steel-related mining companies, today announces its Q2 and H1 2013 financial results.
Q2 2013 vs. Q1 2013 Analysis:
- Continued focus on cost control together with higher sales volumes resulted in a second consecutive quarter of EBITDA growth;
- Revenue increased by 2.8% q/q to $3,414 million (Q1 2013: $3,322 million), driven primarily by higher sales volumes across all divisions;
- EBITDA up by 11.4% q/q to $479 million (Q1 2013: $430 million), as a result of improved performances at Severstal Russian Steel and Severstal Resources; EBITDA margin 1.1 ppts up to 14.0% (Q1 2013: 12.9%);
- Net loss of $44 million, as compared to net profit of $44 million in Q1 2013 mainly due to $226 million FX losses in Q2. Excluding the FX losses due to weaker rouble the company’s profit for the period would be $182 million;
- Q2 2013 capex of $253 million, 18.1% lower than in Q1 2013;
- Recommended dividend payment of 2.03 roubles per share (approximately $0.06) for the 6 months ended 30 June 2013.