Evraz profit grows, buoyed by steel prices

Evraz PLC (EVR.LN) said Thursday that first-half pretax profit surged on growing revenue as it benefited from higher steel prices as well as cost-cutting initiatives.

The Russia-based steel maker said that profit before tax for the six months ended June 30 was $1.54 billion, compared with $294 million the previous-year period. Revenue rose 24% to $6.34 billion.

"In the first half of 2018, the group delivered a solid financial performance, supported by the ongoing improvement in the global steel market environment," said Chief Executive Alexander Frolov.

It declared a second interim dividend of 40 cents per share. Previously, the company declared a dividend of 13 cents per share in May.

The company said that it sees a possible decline in steel prices in the second half of the year, but said that its financial performance should remain solid despite this.

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