Severstal, a company mainly working in the steel and mining industry in Russia, reported that its net profit was US$1,237 million in the third quarter of this year, up by 9% compared to the previous quarter. The revenue had a quarter-on-quarter increase of 9% to US$3,206 million during the period, due to the increase in both sales volume and weighted average steel price.

In the first nine months of this year, Severstal’s net profit was US$3,097 million, surging by 392% year on year. Due to rising steel prices, the sales revenue was up by 63% year on year to US$8,371 million and EBITDA also had a year-on-year hike of 165% to US$4,532 million. The EBITDA margin reached a record high of 54% during the period, compared to 33% in the corresponding period last year.