Severstal's Q4 earnings drop on weak steel markets

Apr 19, 2012 | 05:51 AM |

Russian steelmaker Severstal’s earnings fell by 25% quarter-on-quarter in the fourth quarter of 2011, due to lower prices and volumes, the company said on Thursday April 19. Earnings before interest, taxes, depreciation and amortisation (Ebitda) at Russia’s second-largest steelmaker, which makes steel products domestically and in the USA, were $767 million in the fourth quarter, down from $1.02 billion in the third quarter. Ebitda margin slid to 20.6% in the period, from 22.5% in the third quarter. Severstal expects global steel prices to remain at current levels until the summer, when some price softening is likely due to seasonal factors....

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