Thursday, April 26, 2007

Record profits at Abramovich steel firm- Evraz

Profits at Evraz, the Russian steelmaker part-owned by Roman Abramovich, surged nearly 43 per cent to a record $2.65 billion (£1.33 billion) last year.

Alexander Frolov, the chief executive, said rising production and higher prices fuelled by the booming world steel market led to “the best year in our history”.

Crude steel production rose 16 per cent to 16.1 million tonnes in the year, while revenues across the business climbed 27.4 per cent to $8.3 billion.

Mr Frolov added that strong pricing in the first quarter could see profits rise by another 50 per cent to 60 per cent over the first half of 2007.

Looks good for Chelsea's Squad next year!

Link to -TimesOnline


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