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  mass-media about company
23 March 2009
Severstal-metiz boosts ebitda 30% y-o-y but predicts tough year ahead
Russian steel and wire products company Severstal-metiz boosted ebitda 30% year-on-year in 2008, the company told MB. Severstal-metiz ebitda rose to $113.9 million for 2008 but the third and fourth quarters were affected by the financial crisis, according to the company. "The influence of the world financial crisis became appreciable in the third quarter of 2008 and increased in the fourth quarter," said CEO Olga Naumova. "In addition to that, the end of the year was characterised by typical seasonal production decline. Both factors resulted in lower consumer demand in our key markets of construction, automotive and machinery construction." The volume of shipped products dropped by 19% year-on-year from just over 1 million tonnes in 2007 to 850,000 tonnes in 2008. "Today's demand will stay low for the whole of 2009 in contrast to last year's market level," according to Naumova. "Competition in the market will grow fiercer and this will have beneficial consequences for customers as well as stimulate the recovery of the industrial sector."
Metal Bulletin
Rob Hartley
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