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.
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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.
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