The net profit of Russian steelmaker Severstal fell by 23.7% YoY, to $374 million in October-December 2019, while revenue decreased by 12.9%, to $1.838 billion, and EBITDA went down by 23.5%, to $602 million, as sales and prices fell, the company said in a statement on January 31.

Free cash flow slumped by 70.5%, to $101million mainly on the back of a lower revenue and capex growth.

Net debt increased by 20.8%, to $1.52 billion, as of the end of 2019, mainly thanks to a lower balance of cash and its equivalents after dividends. The net debt /EBITDA ratio amounted to 0.6x against 0.4 as of the end of the previous quarter. Total debt edged up to $2.651 billion after $2.617 billion a quarter earlier.

In the whole 2019, the net profit fell by 13.8%, to $1.767 billion, as calculated under International Financial Reporting Standards (IFRS).

Revenue decreased by 4.9%, to $8.157 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) by 10.7%, to $2.805 billion. (Prime/Ukrainian metal)

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