Russian mining and steel producing company Evraz Group has announced its financial results for 2016.
In the year in question, Evraz registered a consolidated sales revenue of $7.71 billion, decreasing by 12 percent compared to the previous year, primarily as a result of falling prices and decreased demand in the first quarter of the year. The consolidated EBITDA of Evraz for the full year was $1.54 billion, up 7.2 percent year on year, due to numerous improvement initiatives and more favorable market conditions. In 2016, the group registered a net loss of $188 million, compared to a net loss of $719 million in 2015.
According to Evraz, in the current year it remains cautiously optimistic about the market environment and expects that its continuous cost improvement initiatives along with moderate capital expenditures will enable it to generate resilient free cash flow and further decrease leverage. In 2017, Evraz will continue expanding domestic and overseas sales of railway products by debottlenecking operations, developing new products and optimizing logistics, and it will also analyze a number of product portfolio development options.