Severstal 4Q Net Profit Fell, Revenue Rose on Higher Steel Prices

Severstal PAO said Friday that net profit for the fourth-quarter fell despite revenue rising, and declared a dividend payout.

The Russian steelmaker made a net profit of $978 million for the quarter ending Sept. 30, down from $1.24 billion in the third-quarter period.

Full-year net profit rose fourfold to $4.08 billion.

Severstal's revenue in the quarter increased to $3.27 billion from $3.21 billion in the third quarter.

Fiscal 2021 revenue rose 70% on year to $11.64 billion, driven by higher steel prices and growth of steel sales.

In a separate statement, Severstal declared a dividend payout of RUB109.81.