Business · Companies · 11 hrs ago
Severstal’s nine-month net profit fell 61% to $233 million
Severstal’s net profit fell 61% in the first nine months of 2026, to 19.29 billion rubles, or $233 million.
The Russian steel and mining company said revenue fell 10% to 488.41 billion rubles, partly because average sale prices dropped and semi-finished products made up a larger share of sales.
EBITDA declined 28% to 82.32 billion rubles, and its margin fell by four percentage points to 17%.
Severstal’s investment spending fell 39% to 77.24 billion rubles as a peak in capital spending passed and the company carried out a plan to reduce investment.
In the third quarter, net profit rose 17% to 15.17 billion rubles, while revenue slipped 3% as lower sales volumes were partly offset by higher average prices.
Severstal is one of Russia’s largest steel producers, and its key asset is the Cherepovets Steel Mill; the company did not say what its next steps would be.
Severstal’s net profit under IFRS fell 61% year on year to 19.29 billion rubles ($233 million) in the first nine months of 2026.
Revenue declined 10% to 488.41 billion rubles ($5.8 billion), which the company attributed to lower average sale prices and a larger share of semi-finished products in its sales mix.
EBITDA fell 28% to 82.32 billion rubles, and the EBITDA margin dropped 4 percentage points to 17%.
Investments in the nine-month period fell 39% to 77.24 billion rubles as the company passed its capital expenditure peak and carried out a plan to cut investment.
In the third quarter, net profit rose 17% to 15.17 billion rubles, while revenue fell 3% to 173.53 billion rubles.
- Who
- Severstal, a vertically integrated steel and mining company.
- What
- Its nine-month IFRS net profit fell 61% year on year to 19.29 billion rubles ($233 million).
- When
- The first nine months of 2026; the results were reported on October 20, 2026.
- Where
- Not stated
- Why
- The company cited lower average sale prices and a higher share of semi-finished products in its sales mix for the revenue decline.
This story does not have two clearly opposing sides.
Severstal announced a plan to reduce investments.
Net profit fell 61% year on year, while investments fell 39%.
Net profit grew 17% year on year and revenue slipped 3%.
Severstal reported its nine-month results.
- Net profit
- 19.29 billion rubles ($233 million), down 61% year on year
- Revenue
- 488.41 billion rubles ($5.8 billion), down 10%
- EBITDA
- 82.32 billion rubles, down 28%
- EBITDA margin
- 17%, down 4 percentage points
- Investments
- 77.24 billion rubles, down 39%