In Q1, Severstal returned to profit
Edited by Rhod Mackenzie / 2016-04-21 10:25:35
Finance Metals and mining Russia Dividends Financial results Severstal Russia Metals and Mining Steel
In the first quarter of 2016, the net profit of the leading Russian steel producer Severstal under IAS amounted to $270 million as compared with the net loss in the amount of $114 million in the fourth quarter of 2015.
The profit of Severstal was influenced by gain from foreign exchange in the amount of $175 million and impairment of non-current assets in the amount of $4 million. Excluding these non-monetary factor, the net profit of Severstal would be $99 million in the first quarter of 2016.
