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Severstal's Q3'19 profit improves QOQ on lower costs

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Severstal's Q3'19 profit improves QOQ on lower costs

Russian steelmaker PAO Severstal's third-quarter profit climbed 3.2% over the second quarter to US$490 million.

Revenue slid 3.0% to US$2.11 billion due to adverse price dynamics for steel and raw materials, but EBITDA increased 4.5% to US$787 million on the back of a lower cost of sales.

A 9.1% gain in EBITDA from the Russian steel segment to US$433 million was partially offset by an 8.2% decline in the resources division to US$382 million on a quarterly basis.

Profit from operations climbed 7.2% to US$670 million, according to an Oct. 18 news release.

The company's board recommended a dividend of 27.47 Russian rubles per share for the third quarter.

Severstal's third-quarter crude steel production inched down 1% from the second quarter to 3.0 million tonnes, and hot metal output grew 7% to 2.5 Mt. Total consolidated steel sales remained unchanged quarter over quarter at 2.8 Mt.

As of Oct. 17, US$ was equivalent to 64.00 Russian rubles.