London-based Evraz PLC, which has its roots and sizable operations in Russia and Eastern Europe, has reported net profits of $1.15 billion in the first half of 2018, up dramatically from its $86 million in profits in the first half of 2017.
The company has reported what it calls consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.9 billion in the half-year, up 65.5 percent from its $1.15 billion figure from the first six months of 2017.
“In the first half of 2018, the group delivered a solid financial performance, supported by the ongoing improvement in the global steel market environment,” says Evraz CEO Alexander Frolov. “We are proud of our strong ongoing performance and will remain focused on delivering further improvements. In the second half of the year, despite possible price correction[s], we expect market conditions to remain positive overall."
Evraz describes itself as a vertically integrated steel, mining and vanadium business with operations in Russia, the United States, Canada, the Czech Republic, Italy and Kazakhstan. The company produced about 14 million metric tons of steel in 2017 and employs approximately 70,000 people.
In North America, Evraz operates scrap-melting electric arc furnace (EAF) mills that formerly operated as Oregon Steel in that state; Rocky Mountain Steel in Colorado; and as IPSCO in Canada. In 2016 Evraz North America produced more than 1.6 million metric tons of flat, long and tubular steel products.