Russian steel producer Severstal's revenue increased by 9.3 percent to $8.58 billion in 2018, compared to the previous year, the company said on Tuesday.

Severstal said its earnings before interest (EBITDA) also increased by 22.2 percent over the same period to $3.14 billion from $2.57 billion.

"The year of 2018 was a year of important changes to the Severstal business model," Alexander Shevelev, CEO of Severstal explained.

"Pioneering with a complex program of operational enhancements in 2010 in the Russian steel market, we have been able to achieve and retain the highest EBITDA margin in the world among steel companies," Shevelev confirmed.

"Time to move forward. I am happy to say that in 2018 Severstal delivered a solid performance as a combination of strong market conditions and the effect of our strategic programs," he added.

He said that although domestic steel demand is fluctuating, Severstal expects global steel demand to remain buoyant in 2019, based on a strong global economy, and on continued limits on steel production and economic incentives in China.

By Murat Temizer

Anadolu Agency

energy@aa.com.tr