MOSCOW, July 22. /TASS/. Mining and metallurgical company Severstal in the first half of the year reduced steel production by 8% year-on-year to 5.22 mln tons. Pig iron output also decreased by 15% to 4.77 mln tons, the company said in a statement.

At the same time, sales of Severstal steel products during the reporting period amounted to 5.16 mln tons, decreasing by 6% in annual terms.

The share of high value-added products in the company's total sales increased to 53% in the first half of the year. Iron ore sales to third parties increased by 16% to 1.18 mln tons.

At the same time, steel production in the Q2 of 2024 decreased by 20% to 2.32 mln tons compared to the previous three months, and pig iron production decreased by 28% to 2 mln tons due to repairs in the blast furnace and converter production. Sales of metal products increased by 8% compared to the Q1 of 2024 to 2.68 mln tons.

At the same time, Severstal's net profit under the International Financial Reporting Standards (IFRS) for the first half of the year decreased by 21% year-on-year and amounted to 83.32 bln rubles ($948.82 mln) and EBITDA increased by 6% to 126.55 bln rubles ($1.44 bln).

The company's revenue in January - June increased by 21% to 409.14 bln rubles ($4.66 bln) due to an increase in average selling prices, including due to a growing share of high value-added products in sales.