Profits at Russia's Severstal plummeted 370-fold over the quarter
In the first quarter, the net profit of one of Russia’s largest steel companies plummeted. The company in question is Severstal, where net profit fell from 21.07 billion rubles to 57 million rubles. The company attributes this decline to the crisis in the Russian market.
This is reported by Russian media.
Revenue for the period fell by 19% to 145 billion rubles, while EBITDA (earnings before interest, taxes, depreciation, and amortization) dropped by 54% to 17.94 billion.
The company explained that these results were caused by a drop in prices for metallurgical products and an increase in the share of semi-finished products in the sales portfolio. Steel production decreased by 4%, and pig iron production by 1%.
Nikita Klimantov, Head of Investor Relations at Severstal, explained that “the main reason for the drop in revenue is the crisis in the Russian market.”
“Demand is weak, and it continues to fall. In the first three months, demand for metal products fell by another 15% compared to the already weak levels of 2025. It turns out that demand has been falling for the third year in a row,” Klimantov said.
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