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Evraz Reports Nine-Month, Q3 Results
11/16/2010 - Evraz Group S.A. reported that revenue for the nine-month period ended September 30, 2010, was US$9,729 million and adjusted EBITDA was US$1,766 million, with adjusted EBITDA margin of 18.2%.
Evraz Group S.A. reported that revenue for the nine-month period ended September 30, 2010, was US$9,729 million and adjusted EBITDA was US$1,766 million, with adjusted EBITDA margin of 18.2%. Interest expense was US$547 million.
Total debt as of September 30, 2010, amounted to US$7,851 million, including US$1,373 million of short-term loans and current portion of long-term debt. Cash and cash equivalents at the end of the period stood at US$698 million. Capital expenditures amounted to US$584 million.
Total steel products sales in the nine-month period amounted to 11.4 million tonnes, with revenue of US$7,862 million. For 3Q 2010, steel products sales were 3.7 million tonnes and revenue was US$2,727 million.
Iron ore sales volumes including intersegment shipments totaled 13.0 million tonnes. Coal sales including intersegment shipments were 7.2 million tonnes, including 1.9 million tonnes of raw coking coal, 1.8 million tonnes of steam coal, 3.4 million tonnes of coking coal concentrate, and 0.1 million tonnes of steam concentrate.
Outlook – The positive impact of the recovery in crude steel production volumes in the fourth quarter of 2010 compared to the third quarter of the same year is expected to be offset by negative seasonal factors, namely the shift of product mix toward lower-margin export products due to weaker demand from the Russian construction industry and an increase in certain cost items. Consequently, the company expects the 4Q 2010 EBITDA to be in line with 3Q 2010.
Evraz’s consolidated revenues for the six months ended June 30, 2010, were US$6,379 million and consolidated adjusted EBITDA amounted to US$1,154 million.
Evraz Group S.A. is a vertically integrated steel, mining, and vanadium business with operations in the Russian Federation, Ukraine, Europe, U.S., Canada, and South Africa. The company was ranked the 14th largest steel producer in the world based on crude steel production of 15.3 million tonnes in 2009. Its internal consumption of iron ore and coking coal is covered by its mining operations.
