According to Severstal's report, the company's net profit in the third quarter of this year was USD 167 million, which is 57.3% less than in the previous quarter.
Sales revenue increased 17.9% quarter-on-quarter to US $ 1.87 billion, driven by higher sales of Severstal, recovery in steel prices and higher steel sales.
The recovery in global steel demand was also one of the important reasons. Steel consumption in Russia was expected to decline by 6% this year, while global benchmark steel prices were expected to remain in the fourth quarter.
Severstal's net profit decreased in Q3
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