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Evraz profit growth fuelled by higher steel prices

Despite a possible price correction, Evraz expects market conditions to remain positive in the second half of 2018
Steel making
Market conditions in the global steel market have improved in 2018

Steel, mining and vanadium group Evraz (LON:EVR) on Thursday reported strong growth in first-half profit, boosted by higher steel prices and cost-cutting initiatives.

The Russia-based steelmaker reported a 65% uplift in underlying earnings (EBITDA) to $1.9bln on revenues 24% higher at $6.3bln in the six months to the end of June and said market conditions in the global steel market had improved during the period.

Dividend

Evraz, which has operations in the Russian Federation, US, Canada, the Czech Republic, Italy and Kazakhstan, declared a second interim dividend of 40 cents per share on top of the 13 cents per share handout it announced in May.

"In the first half of 2018, the group delivered a solid financial performance, supported by the ongoing improvement in the global steel market environment," CEO Alexander Frolov said in the results statement. “In the second half of the year, despite possible price correction, we expect market conditions to remain positive overall."

Shares in Evraz were 0.7% down at 552.4p in early trade.

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