Alchevsk Steel increased revenue 73% YoY to USD 1.8 billion in 9 months of 2011.

EBITDA reached an impressive USD 145 million as compared to the negative result of USD3.7 million for the same period last year.

Net income jumped to USD 73 million from a USD 95 million loss in January-September last year.

Alchevsk Steel reduced total banking loans on its balance sheet by 2% to USD 630 million during the quarter with cuts in long term loans. The company reported USD324 million in capital spending for the period, the main slices of which were earmarked to build a blast furnace shop (USD 35 million), a converter shop (USD 38 million), a cogeneration turbine (USD 67 million) and other equipment purchases (USD 165 million).

Phoenix Capital analsys said that the news is positive for ALMK.

They wrote “Alchevsk Steel’s sound financials reinforce the 28% YoY growth in the company’s steel production to 2.8 million tonnes for 9M11. Though quarterly gross profit declined 2.5x QoQ to USD 22 million, it remained at the level of 1Q11. The company’s EBITDA of USD 145 million in 9M11 and USD 74 million in 3Q11 is the highest among the Ukrainian exchanges’ three actively traded steel stocks, which also include Azovstal and Enakievo Steel.”

(Sourced from phoenix-capital.ua)