Evraz update its mining segment results
| 2010 | 2009 | Change | |
| Revenues | 1,120 | 652 | 71.80% |
| Profit/(loss) from operations | 179 | -202 | N/A |
| Adjusted EBITDA | 390 | 94 | 314.90% |
In USD million
Mining segment revenues rose 71.8% to USD 1,120 million in H1 2010 compared with USD 652 million in H1 2009, primarily reflecting significant increases in the market prices of iron ore and coal during the first six months of 2010.
Sales volumes of iron ore products decreased by 4.9% in H1 2010 compared with H1 2009. Sales volumes of steam coal products and coking coal products decreased by 30.3% and 9.8% respectively in the six months ended June 30th 2010 compared with the six months ended June 30th 2009.
In the first six months of 2010 mining segment sales to the steel segment amounted to USD 812 million or 72.5% of mining segment sales, compared with USD 456 million or 70.0% of mining segment sales, in the first six months of 2009.
In H1 2010, Evraz iron ore requirements were self-covered by approximately 91% compared with 98% in H1 2009. Self-coverage in coking coal was 84% in H1 2010 and 117% in H1 2009. Without the Raspadskaya share it was 50% and 87% respectively.
Approximately 56% of the mining segment’s third party sales in H1 2010 were to customers in Russia compared with 47% in H1 2009. The decrease in the share of third party sales outside Russia is largely attributable to the decline in export sales of mining products from Yuzhkuzbassugol and KGOK to Europe.
