MOSCOW, March 11 (RIA Novosti) - Leading Russian steelmaker Severstal said on Wednesday its net profit under International Financial Reporting Standards increased 9.9% in 2008 year-on-year to $2.03 billion.
Revenues climbed 44.4% to $22.39 billion, EBITDA (earnings before interest, taxes, depreciation and amortization) grew 45.5% to $5.37 billion and operating profit was up 50.6% to $4.23 billion in 2008, the steel giant said.
"Severstal achieved good results in 2008 as we benefited from volume growth, price increases and margin improvement," Severstal CEO Alexei Mordashov said.
However, Severstal posted a net loss of $1.21 billion in the fourth quarter of 2008 due to declining demand for steel, the company statement said.
