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Severstal shares up over 2% on Moscow Exchange

As of 10:00 a.m. Moscow time (07:00 a.m. GMT), the price of the company’s shares was up by 2.27% at 1,710 rubles per share

MOSCOW, February 2. /TASS/. The price of Severstal shares grew by more than 2% as the main trading session opened on Moscow Exchange on Friday following the board of director’s dividend recommendation and the publication of 2023 financial results under International Financial Reporting Standards (IFRS), according to trading data.

As of 10:00 a.m. Moscow time (07:00 a.m. GMT), the price of the company’s shares was up by 2.27% at 1,710 rubles per share. By 10:22 a.m. Moscow time (07:22 a.m. GMT), Severstal shares had narrowed gains to 0.47% trading at 1,679.8 rubles per share.

Severstal reported earlier that its net profit under IFRS climbed by 79% in 2023 compared with the previous year to 193.87 bln rubles ($2.1 bln), while EBITDA rose by 22% to 262.23 bln rubles ($2.9 bln). Moreover, the board of directors has recommended the payment of 2023 dividends in the amount of 191.51 rubles per share.

Severstal is a vertically integrated steel and mining company and one of Russia’s largest steel producers. The Cherepovets Steel Mill is the company’s key asset. Its production capacity roughly totals 12 mln metric tons of steel per year.