Sales grew 31% in the reporting period to $1.23 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) increased 27% to $162 million, the company said.
Nikolai Sobolev, Severstal-Avto financial director, said the sales growth was largely attributable to the automobile sector where sales climbed 43% to $797 million while the engine segment demonstrated growth of 14% to $334 million.
Severstal-Avto General Director Vadim Shvetsov said the company intends to change its name and rebrand its products before the end of this year.
"We are to announce the name by the end of the year," Shvetsov said, adding that the company is in talks with leading branding agencies and will announce a tender for a new brand.
