|By Marketwired .||
|July 30, 2014 05:03 PM EDT||
DEARBORN, MI--(Marketwired - July 30, 2014) - Severstal North America ("SNA"), a leading steel producer in the United States and a subsidiary of Severstal, a global steel and mining company, reports another strong financial performance in the second quarter of 2014.
Severstal North America delivered significant growth in sales volumes of 6% q/q, while average selling prices decreased by 1.0% to $827/t, partially due to a lower share of HVA products in the sales portfolio.
Revenue of $1,066 million was up 4.9% q/q driven by higher sales volumes. H1 2014 revenue of $2,082 million was also up, by 10.6% y/y, on better pricing and higher utilization rates.
Q2 EBITDA was 33.3% higher q/q at $100 million primarily reflecting improvements at Dearborn's operations. Results at the Columbus operations remained strong, with EBITDA/t firm at $108/t. The 2
EBITDA of the whole division in H1 2014 was up 86.2% y/y at $175 million.
Additionally, in Q2, SNA became cash positive q/q and H1 2014 cash generation considerably increased with 344% growth y/y on the back of higher EBITDA and net working capital release.
"SNA's outstanding results this year are a testament to the transformation currently taking place across several critical areas - safety, talent, culture, operations, quality and commercial. Given the solid and sustainable platform that has been built over the last year, we are very excited about the future growth and profitability of our plants, especially in light of the recent news of their upcoming divestiture," said Saikat Dey, CEO of Severstal North America.
To view the full Q2 and H1 2014 report, go here http://www.severstal.com/files/12844/Severstal%20-%20Q2%202014%20Press%20Release_ENG.pdf
About Severstal North America:
Established in 2004, Severstal North America is one of the largest steel producers the United States, specializing in the full range of high quality light flat rolled products. Corporate headquarters and integrated operations are located in Dearborn, Mich. A state-of-the-art electric arc furnace operation in Columbus, Miss. serves the growing demand for steel in the southeastern United States. Severstal also has several joint ventures specializing in value-added coated products and coke making. The company serves customers in more than 20 markets, including automotive, appliance, construction, container, pipe and tubing, distribution, converter and service centers. Severstal North America is a wholly-owned subsidiary of OAO Severstal, one of the world's largest vertically integrated steel and mining companies. Visit our website at www.severstalna.com or follow us on Twitter @SeverstalNA.
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