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21 May 2008
The Severstal-metiz group of companies announces its financial results for the 1st quarter 2008
Results in the first three months of 2008 for Severstal-metiz show that EBITDA reached 31 million dollars, more than two and a half times the level in the same period of 2007 (an increase of 158.3 %). Operating profit was 272 million dollars, which has grown by 21.1% compared with the 1st quarter 2007.
Olga Naumova, the CEO of the group, described the period as very favorable from a financial point of view: "In the 1st quarter we formed the base for the rest of the year. To demonstrate our good profitability in the future in conditions of considerable growth in steel prices, we have to concentrate on the manufacture of high value added products as reflected in our company strategy, the realization of our investment programmes and the fulfillment of our Operational Efficiency Program".
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