Steelmaker Evraz posts big jump in 2010 net profit to $532 mln

Russian leading steelmaker Evraz Group posted a $532 million net profit to IFRS in 2010 after a loss the previous year of $292 million, Evraz said on Thursday.

The company’s revenues grew 37% to $13.394 billion in 2010, while EBITDA rose 90% to $2.35 billion, the company said in a statement.

The group’s overall debt as of December 31, 2010, amounted to $7.81 billion, compared to $7.92 billion as of the end of 2009.

The company’s gross profit in 2010 rose to $3.08 billion from the year-on-year $1.65 billion, while operating profit jumped to $1.13 billion from $195 million in 2009. The company’s pre-tax profit hit $695 million compared to a year-on-year loss of $338 million.

The company’s capital expenditures in 2010 almost doubled to $832 million from the year-on-year $441 million, while 2011 capex level is expected at $1.2 billion.

The group also expects that its EBITDA in the first quarter of the current year will hit $725-800 million.

“In 2010 we have seen the continuation of a recovery in steel demand across all our key markets. Our steelmaking capacities in Russia were fully utilized and we significantly increased the utilization rates of our international operations,”  Evraz Group Chief Executive Alexander Frolov said.

MOSCOW, March 31 (RIA Novosti)

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