Financial results of the Severstal Group cannot be considered satisfactory, Severstal CEO Alexander Shevelyov said.
“If we analyze the results we will see that Severstal, unfortunately, has shown the worst dynamics among metal companies in Russia. We have increase profit from sales compared with 2015, but it is considerably low than that of NLMK or MMK”, he said. “This means we worked worse, and it should be reversed. We have to do everything to find additional potential. And I mean not only decrease of expenses, but client-oriented approach increase as well”.
Despite the difficult situation on the metal market, Severstal was able to increase its sales share in Russia to 19.6% in 2016.
The net profit of Severstal in 2016 reached $1.62 billion, up almost 3 times, with revenue down by 7.5% YoY, to $5.916 billion. (Ukrainian metal)