Evraz reports flat first quarter
Russian steel giant Evraz said revenue, prices and sales volumes were all flat in the first quarter of 2012, with currency movements making operations more expensive.
Russian steel giant Evraz said revenue, prices and sales volumes were all flat in the first quarter of 2012, with currency movements making operations more expensive.
It sold 3.9m tonnes of steel product sales in the first quarter of 2012, unchanged from the year before.
The company said its financial performance broadly was in line with the final quarter of last year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
But its cost base increased due to the appreciation of the Russian Rouble, with also helped increase its debt pile to $7.3bn, up from $7.25bn at the end of 2011.
But Evraz said it had "substantial financial headroom" to support its operations and investment plans.
Capital expenditure amounted to $310m during the first quarter of 2012, with the firm saying that major projects were, on the whole, on schedule and within budget.
The company said March that it expected the global steel industry to remain challenging in 2012, when it unveiled its maiden full year figures as a FTSE 100 company.
Evraz' share price has been hit recently by falling steel prices and the firm has it expects the market to remain volatile this year.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
-
How to boost your pension pot as 35% of UK over 50s face huge retirement savings gapOver 50s are facing a later life with little to no funds - but there are steps you can take now to boost your pot.
