Revenue in the reporting period grew 60.6% to $18.15 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) climbed 69.4% to $4.98 billion and operating profit increased 80.7% to 4.18 billion, the steel giant said.
Severstal, which accounts for over 16% of Russian steel output, and has production facilities in Russia, the United States, Italy, France, Britain, and Ukraine, said uncertain global economic outlook was impacting steel consuming industries.
"In light of the uncertain global economic outlook and its impact on the world's steel consuming industries, we have put in place a series of strong management actions to allow the group to continue to operate profitably in a tougher environment," Severstal CEO Alexei Mordashov said.
In particular, the majority of the planned 2009-2011 $8bn investment program has been deferred until market visibility and conditions improve, Severstal said in a statement.
