Russia's Severstal reports Q1 net profit of $343 mln

A worker walks among coils of galvanized steel at a steel factory.
Sean Gallup | Getty Images

Russian steelmaker Severstal reported on Thursday net profit of $343 million for the first three months of this year, up from a net loss of $795 million in the previous quarter.

The company, Russia's second largest steel producer, said revenue fell 18.5 percent quarter-on-quarter to $1.5 billion. Earnings before interest, taxation, depreciation and amortisation (EBITDA) also slipped to $590 million, down 2 percent.

Severstal said steel demand so far this year had been better than expected despite Russia's flagging economy, hit by a collapse in global oil prices and Western sanctions over the Ukraine crisis.

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