Russian steel producer Severstal's revenue decreased by 8.7 percent to $2.06 billion in the third quarter of 2018, compared to the previous quarter, the company said on Friday.
Severstal said its earnings before interest also decreased by 12.1 percent over the same period.
The company explained that reduced sales volumes of steel products drove the revenue drop.
"Though domestic steel demand is moderating, looking into the fourth quarter of 2018 we are expecting global steel demand to remain at good levels on the back of strength of the world’s economy and continued capacity cuts in China. Hence we are anticipating a solid fourth quarter," said Alexander Shevelev, CEO of Severstal.
In the third quarter, the company's net profit also decreased by 18.3 percent to $455 million from $557 million in the second quarter of 2018.
By Murat Temizer