Russian steel maker Severstal has announced its financial results for the fourth quarter and twelve months of 2020. Severstal CEO Mr Alexander Shevelev said “In a challenging year under the auspices of the pandemic, our strategic priorities and transformational goals have never been more relevant and relevant our continued focus on cost reduction, a commitment to customer satisfaction, and the pursuit of new business opportunities - have enabled us to keep our business running smoothly throughout all the time and save jobs, as well as continue to implement the long-term development plan.”
The Group's revenue decreased in 2020 by 15.8% YoY to USD 6,870 million. The decrease in revenues compared to the previous year was due to lower prices for steel products and a decrease in sales for the period.
Group EBITDA decreased in 2020 by 13.7% YoY to USD 2,422 million, mainly reflecting a decline in revenues, partially offset by a decrease in cost of sales. EBITDA margin increased YoY to 35.3% as compared to 34.4% in 2019
Group net profit decreased in 2020 by 42.5% YoY to USD 1,061 million