Severstal, Russia’s second-largest steel producer, reported a first half-year net profit of $582 million, 49% less than the $1.143 billion it declared over the same period last year.
The company’s half-year earnings were also worse than consensus forecast compiled by the PRIME business news agency. Analysts had estimated the company’s first-half at $662 million.
Revenue dropped 2.2 percent to $7.397 billion, while earnings before interest, taxes, depreciation, and amortization, or EBITDA, slumped 31.9 percent, to 1.226 billion dollars. Analysts had projected the steelmaker’s revenue at $7.369 billion dollars and EBITDA at $1.218 billion.