In the Q3 of 2012, revenue for the Russian division decreased by 9% to USD 1,132 million compared to the prior quarter mainly due to lower seamless volumes as a result of major repairs at several Russian plants and the impact of currency translation. Adjusted EBITDA amounted to USD 190 million a decrease of 7% compared to the Q2 of 2012 following the decline in revenue, however partially compensated by favorable effect from lower purchase prices for raw materials.
For the first 9 months of 2012, revenue of the Russian division decreased by 5% to USD 3,501 million due to the negative effect of currency translation and a decline of welded pipe volumes as a result of a decrease in LD pipe sales. Adjusted EBITDA remained flat at USD 571 million compared to the first nine months of 2011 as the negative effect was compensated by improved margins.(www.steelguru.com)
