PAO Severstal Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Capital Expenditure Guidance for the Year 2018
For the nine months, the company reported revenue was $6,495 million compared with $5,670 million a year ago. The significant growth in revenue was supported by a favourable steel and commodities pricing environment in 2018 and 4% growth in steel sales volumes. EBITDA was $2,348 million compared with $1,823 million a year ago. Profit from operations was $2,022 million compared with $1,506 million a year ago. Free cash flow was $1,368 million compared with $959 million a year ago. Net profit was $1,473 million compared with $792 million a year ago. Basic earnings per share were $1.81 compared with $0.98 a year ago. The Group maintained its prudent approach to CAPEX with investments equal to $464 million, an increase of 10.2% year on year.
The Group's capital expenditure programme for 2018 is expected to be 49.5 billion RUB and will focus on upstream investments.