MOSCOW, April 23. /TASS/. The net profit of Severstal under the International Financial Reporting Standards (IFRS) surged by 13% in January - March 2024 to 47.42 bln rubles ($509.9 mln), the Russian steelmaker reports.

Severstal revenues gained 20% at the same time to 188.7 bln rubles ($2 bln) amid an increase in average selling prices achieved in particular owing to the improvement of the product sale structure with the rise in sales of high added value produce.

The company’s EBITDA surged by 25% year on year to 65.34 bln rubles ($707.7 mln), driven by the increase in revenues and higher capacity utilization. The EBITDA margin stood at 35% against 33% a year earlier.