Severstal's net profit for the first quarter of 2024 increased by 13% to RUB 47.4 billion from RUB 42 billion a year earlier. Revenue increased by 20% to RUB 188.7 billion from RUB 157.6 billion, EBITDA increased by 25% to RUB 65.3 billion from RUB 52.1 billion. This is stated in the company's message.
Revenue growth was achieved, among other things, due to an improvement in the product sales structure against the background of an increase in the share of VDS products, the company notes.
Free cash flow increased by 33% to RUB 33.18 billion due to an increase in EBITDA. The outflow of funds to replenish working capital amounted to 97.81 million rubles, which is mainly due to an increase in slab stocks before the shutdown of blast furnace No. 5 for major repairs.
The total debt increased to 164.85 billion rubles due to the currency revaluation of the dollar part of the debt against the background of the weakening of the ruble in the first quarter of 2024.
Severstal is a vertically integrated mining and metallurgical company that creates new products and integrated solutions from steel together with customers and partners. The company's production assets are concentrated in Russia. The shares are traded on the Moscow Stock Exchange (ticker CHMF).
