Evraz PLC said Aug. 9 that first-half attributable net profit soared to US$1.11 billion, or 76 U.S. cents per diluted share, from US$53 million, or 4 cents per diluted share, in the same year-ago period.
Consolidated revenue grew 24% to US$6.34 billion from US$5.11 billion a year earlier primarily due to higher prices for semifinished and construction steel products.
Steel segment revenue booked a 21% rise to US$4.43 billion, and coal segment revenue was up 11% to US$1.24 billion.
Higher prices for vanadium, coal and steel products, compounded by the Russian steel, coal and iron ore producer's cost-cutting initiatives, drove consolidated EBITDA up 66% to US$1.91 billion in the half.
CapEx came in at US$232 million, down 19.7% from the year-ago period.
The company declared an interim dividend of 40 cents per share, up from the year-ago dividend of 30 cents per share.
During the period, crude steel output fell 2.3% year over year to 6.83 million tonnes, raw coal production was down 2.2% at 11.4 million tonnes, and iron ore products were 0.6% lower than a year earlier at 6.89 million tonnes.
Sales of steel products in the first half were down 5.1% at 6.22 million tonnes, and coking coal sales jumped 19.5% year over year to 5.6 million tonnes.
The company reduced its net debt to US$3.9 billion, from US$4.0 billion at the end of 2017.
Evraz anticipates a decline in market prices in the second half, specifically for coal and steel benchmarks. It expects the group's overall financial performance to remain stable, driven by its internal improvements and a strong pricing environment.