GREY:HRIVF - Post by User
Post by
Metalsforcashon May 15, 2009 4:32pm
353 Views
Post# 15997191
Severstal reports Q1 2009 results
Severstal reports Q1 2009 resultsQ1 2009 results posted today on Severstal
Severstal Resources
At Severstal Resources, Q1 2009 revenues were down 16.1% quarter-on-quarter from $435 million in Q4 2008 to $365 million in Q1 2009, due to lower production volumes in coal and coal concentrate as well as a reduction in prices for both iron ore and coal products. EBITDA decreased 7.1% quarter-on-quarter from $42 million to $39 million. EBITDA margin increased to 10.7% in Q1 2009 from 9.7% in Q4 2009. Quarter-on-quarter, production of iron ore products increased by 2.6% as our Russian Steel division sourced all of its raw materials from Severstal Resources, while production of coal was down by 12.6%.
Severstal’s gold business contributed $33 million to EBITDA increment year-on-year as a result of higher gold prices and consolidation of High River Gold in November 2009.