Steelmaker Severstal said Thursday that its third-quarter net profit increased 112 percent quarter on quarter to $329 million due to foreign-exchange gains, beating analyst forecasts.
Analysts polled by Reuters expected the company to post a third-quarter net profit of $232 million, up from $155 million in the second quarter.
Severstal, controlled by billionaire Alexei Mordashov, said it expected a challenging fourth quarter compared with the third quarter, as it forecast steel prices to go down by the end of the year.
A seasonal drop in construction activity will hamper its domestic operations, the company said.
Revenue fell 3.4 percent to $3.59 billion from $3.72 billion in the April-to-June period. EBITDA slid 17.8 percent to $546 million from $664 million.
(Reuters)
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.