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Severstal Q1 net profit under IFRS plunges over 360-fold to $280.75 mln

The company’s EBITDA fell by 54% year-on-year to $239.04 mln

MOSCOW, April 21. /TASS/. Severstal’s net profit under the International Financial Reporting Standards (IFRS) for January-March 2026 declined to 57 mln rubles ($0.76 mln) from 21.07 bln rubles ($280.75 mln) a year earlier, the company said. Thus, the figure decreased by more than 360 times.

At the same time, Severstal’s revenue decreased by 19% to 145.3 mln rubles ($1.94 mln).

The company’s EBITDA fell by 54% year-on-year to 17,940 mln rubles ($239.04 mln). EBITDA margin stood at 12% compared with 22% a year earlier.

Free cash flow amounted to minus 40.37 mln rubles ($0.54 mln), compared with minus 32.73 mln rubles ($0.44 mln) in the Q1 of 2025, due to a decline in EBITDA, cash outflow into working capital and the implementation of a large-scale investment program. At the same time, the outflow into working capital amounted to 23.55 mln rubles ($0.31 mln), mainly due to the buildup of finished goods inventories ahead of the navigation season, as well as an increase in trade receivables, largely driven by extended payment terms with clients.

In addition, investments decreased by 34% over the reporting period to 28.77 mln rubles ($0.38 mln).

Severstal is a vertically integrated mining and steel company and one of the largest steel producers in Russia. Its key asset is the Cherepovets Steel Mill, which has an annual production capacity of about 12 mln tons of steel.

The main shareholder of Severstal is Alexey Mordashov, who owns approximately 77.03% of the company’s shares.

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