Russian steelmaker Severstal has announced its financial results for the first quarter of 2013. Accordingly, in the first quarter Severstal registered a net profit of $44 million, down almost 90 percent compared to the corresponding quarter of the previous year.
In the first quarter of the current year, Severstal's sales revenues decreased by 9.7 percent year on year to $3.32 billion, while increasing by 6.6 percent compared to the previous quarter, on stronger iron ore prices at Severstal Resources and higher selling volumes at Severstal International and the Russian Steel division.
Severstal's EBITDA in the first three months decreased by 24.8 percent year on year to $425 million, while its EBITDA margin for the year was 12.8 percent, down from 15.4 percent recorded in the first quarter of 2012.
According to Severstal's statement, the company's Russian Steel division increased its steel products sales in the given quarter by 12.3 percent compared to the previous quarter to 2.6 million mt, mainly due to the positive dynamics of hot rolled, cold rolled, color coated and semi-finished products. The share of high value-added products in the sales portfolio remained the highest amongst its peers in the first quarter at 43 percent.
