PAO Severstal announced consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the third quarter, the company reported revenue was $2,063 million compared with $2,259 million a year ago. EBITDA was $768 million compared with $874 million a year ago. Profit from operations was $671 million compared with $766 million a year ago. Free cash flow was $481 million compared with $598 million a year ago. That was mainly a result of restocking, which took place after significant restocking of second quarter. Net profit was $455 million compared with $557 million a year ago. Basic earnings per share were $0.56 compared with $0.68 a year ago. Cash CAPEX remained almost flat quarter on quarter at $168 million. Net debt grew to $438 million by the end of third quarter primarily reflecting lower cash balances after the dividend payout in third quarter.

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.