Evraz operates without profit the second year in a row

In 2013, Evraz made a loss in the amount of $572 million because of bad market conditions. The company plans to reduce capital investments, to decrease costs and not to pay regular dividends till 2016 at least to remedy the situation. Last year was difficult for all companies in ferrous metallurgy, but some competitors of Evraz were profitable in spite of this.

Evraz of Roman Abramovich, Alexander Abramov and Alexander Frolov (together they have 67.13%) disclosed its financial accounting under IAS today. On the results of 2013, the company proved to be unprofitable - $572 million (against the loss in the amount of $425 million in 2012). The proceeds of Evraz fell by 2.1% to $14.4 billion and EBITDA by 10.2% to $1.8 billion (the EBITDA margin reduced by 12%). Other steel-smelting and mining companies in the country, which reported their results for the previous year, also significantly deteriorated their performances, but made the profit: Severstal made $83 million, NLMK - $189 million and Metalloinvest - $1.08 billion. However, Mechel, which, as analysts expect, will show the loss (in the first 9 months of 2013, the loss was $2.2 billion), and MMK haven’t disclosed their results yet.

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