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14:00 GMT +3 hours29 December 2014
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Evraz 2011 Net Profit down 3.6% to $453 Mln

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Russian steelmaker Evraz saw its 2011 IFRS net profit slip 3.6 percent year on year to $453 million, the company said in a statement on Wednesday.

Russian steelmaker Evraz saw its 2011 IFRS net profit slip 3.6 percent year on year to $453 million, the company said in a statement on Wednesday.

Revenue rose 22.4 percent to $16.4 billion, while EBITDA was up 23.3 percent to $2.898 billion.

Earnings per share edged down 7.7 percent last year to $0.36, the company said.

Operating cash flow jumped 59 percent to $2.647 billion, while net debt fell 10 percent to $6.442 billion.

"2011 was a landmark year in the development of Evraz," Evraz Board Chairman Alexander Abramov was quoted in the statement as saying. "We produced a robust operating performance in volatile markets ... and moved up to trading on the Main Market of the London Stock Exchange, becoming a Premium Listed UK company and a constituent of the FTSE100 Index."

"In the near-term, the outlook for the global steel industry is likely to continue to be challenging in 2012," Evraz CEO Alexander Frolov said. "Our current expectation is for a modest overall rise in steel consumption, driven by demand from the emerging markets. The wider global economy and, in turn, the steel industry, continues to face challenges and will likely remain volatile."