Russian steel producer Severstal's revenue increased by 19.8 percent to $4.43 billion in the first half of 2018, compared to the same period last year, the company said on Thursday.
Severstal said that its earnings before interest also increased by 30.9 percent in the same period.
The company explained that higher sales volumes drove the revenue increase.
'We are committed to growing our business further. This growth will be delivered through the company's operational improvements, customer care initiatives and our innovation-focused transformation of the business,' said Alexander Shevelev, CEO of Severstal.
Shevelev said that Russian steel demand increased by 5 percent in 2017 and is expected to grow by a further 2.6 percent in 2018, supported by GDP growth and gradual economic recovery.
He said that Russia remains Severstal’s core market, and with the flexibility to redistribute shipments quickly between domestic and export markets, he is confident that Severstal will benefit strongly from any local demand.
By Murat Temizer
Anadolu Agency
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