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Evraz full-year profits up 70% on higher prices
Russian steel and coal producer Evraz said full year consolidated earnings increased by 70% to $2.6bn on the back of higher prices.
EVRAZ reported a 40.4% increase in consolidated revenues to $10.8bn driven partially by higher volumes but mostly by an upswing in prices for steel and coal products amid more favourable market trends.
Cost-cutting initiatives helped earnings before interest, taxation, depreciation and amortisation (EBITDA) by $163m along with a $104m gain from "customer-focus efforts".
"We believe that these improvement processes are vital for our long-term competitiveness," the company said.