Russian mining and steel producing company Evraz Group has announced its financial results for 2017.
In the year in question, Evraz registered a consolidated sales revenue of $10.82 billion, increasing by 40.4 percent compared to the previous year, driven partially by higher volumes but mostly by an upswing in prices for steel and coal products amid more favorable market trends. The consolidated EBITDA of Evraz for the full year was $2.62 billion, up 70.2 percent year on year, mainly driven by improved market conditions in steel and coal markets as well as efficiency initiatives. In 2017, the group registered a net profit of $759 million, compared to a net loss of $188 million in 2016.
According to Evraz, in 2017, its capital expenditure increased to $603 million, compared with $428 million a year earlier, due to significant expenses on major projects. EVRAZ NTMK continued to implement its two main construction projects during 2017, the blast furnace No. 7 and the new grinding ball mill, both of which are scheduled to be launched in the first quarter of the current year. In addition in the given year, a degasser was installed at EVRAZ Regina’s steel mill.
Meanwhile, regarding 2018, Evraz expects demand to grow further in both the Russian and North American steel markets, with prices stabilizing at relatively high levels.