Russian steelmaker Evraz PLC cut its interim dividend as net profit in the first half plummeted 70% year over year to US$344 million, or 21 U.S. cents per share.

The results were impacted by higher costs, a swing to a foreign exchange loss of US$273 million from a US$147 million year-ago profit, and impairments of noncurrent financial assets totaling US$56 million.

The company declared an interim dividend of 35 cents per share, compared to 40 cents per share a year ago.

Revenue in the half slipped 3.2% to US$6.14 billion mainly due to lower sales prices for semifinished, construction and coal products and to reduced prices and volumes for vanadium products.

Consolidated EBITDA was down 22.2% year over year to US$1.48 billion, including an effect of US$150 million from cost-cutting and customer-focus initiatives.

Profit from operations in the half dropped 47.3% to US$913 million on a yearly basis. Evraz's capital expenditures increased to US$309 million, from US$232 million in the first half of 2018.