Steel Mills
July 31, 2014
Severstal Announces $1 Billion In Dividends
Written by Sandy Williams
OAO Severstal posted a net loss of $661 million for second quarter that includes a non-cash loss estimate of $1.066 billion on the disposal of Severstal Dearborn, Severstal Columbus, and PBS Coal and a foreign exchange gain of $199 million. Excluding these items, Severstal would have posted a net profit of $206 million. Second quarter EBITDA was $606 million.
Severstal NA sales of rolled products increased 6 percent q/q to 1.25 million tonnes (1.38 million net tons) for revenue of $1,066 million in second quarter. Revenue increased by 10.6 percent for the first half. The average selling price for the quarter was $827/tonne and $831/tonne ($750/ton and $754/ton) for the first half of 2014.
