In Q1, Severstal improved its financial situation
Devaluation of the ruble and increase in domestic prices for Severstal’s products have had a positive impact on the financial condition of the company. The total debt Severstal decreased by 15.5% as compared to the previous quarter to $2.899 million. The reduction of the total debt by more than $500 million partly reflects the redemption in February 2015 of previously issued Eurobonds in the amount of $221 million in accordance with the public offer on repurchase of eurobonds maturing in 2016 and 2017.
The guaranteed unused funds under the open credit lines increased to $688 million after payment of $300 million of short-term debt in the first quarter of 2015.