Severstal, Russia's largest steelmaker, posted a $1.12 billion first half net profit to IFRS after a $593 million net loss in the same period last year on thanks to higher steel prices, Severstal said on Friday.
Severstal's revenues in the first six months of 2011 rose 27.1 percent to $8.110 billion year-on-year, while the company's EBITDA grew 34.5 percent to $2.043 billion, Severstal said in a statement.
"Our strong performance in the second quarter and the whole first half of the year 2011 again demonstrated the benefits of our vertically-integrated model, low-cost operations and focus on high growth and high margin segments," Severstal chief executive and core owner Alexei Mordashov said.
"Increases in the prices of major raw materials, coupled with a strong price environment on the global steel and gold markets, led to a significant EBITDA growth on the back of EBITDA margin at over 25 percent."
