|
Russian Severstal posts Q1 net profits down by 7.8% q-o-q
|
It’s reported that Severstal, the largest steelmaker in Russia announced that its net profits in the first quarter decreased by 7.8% from a quarter earlier to US$427 million to IFRS.
Meanwhile, the company’s Q1 EBITDA fell by 26.7% to US$562 million and its revenue decreased by 1.3% to US$3.679 billion, both compared to that in a quarter earlier.
Alexei Mordashov, the CEO of Severstal stated that the weak performance in the first quarter was caused by lower demand and domestic steel prices.
However, he has seen the slight improvement for the global steel market in the second quarter, though the global economic situation still has remained uncertain
News Date
5/25/2012 8:46:56 AM
reported by
Frio Chou
|
|
|
|
|